In the Autumn Statement, delivered today (17 November), Hunt said this decision resulted from Office for Budget Responsibility’s expectation that housing activity would slow over the next two years.
“After that I will sunset the measure, creating an incentive to support the housing market and the jobs associated with it by boosting transactions during the period the economy most needs it,” he added.
The government will amend the Stamp Duty Land Tax (Reduction) Bill to implement this measure.
Commenting on the measure, the Treasury tweeted: “This is to help the jobs & firms that rely on the housing market through the current challenges, while strengthening the public finances in the longer term.”
On 23 September, the former chancellor Kwasi Kwarteng confirmed a stamp duty cut in the Mini Budget, effective from that date.
The change doubled the threshold from which Stamp Duty Land Tax on the purchase of residential properties in England and Northern Ireland from £125,000 to £250,000.
The threshold at which first-time buyers begin to pay SDLT was increased from £300,000 to £425,000, and the maximum value of a property on which first-time buyers’ relief can be claimed will also increased from £500,000 to £625,000.