The Chancellor Kwasi Kwarteng has announced a cut to the Stamp Duty tax in England and Northern Ireland.

The cut raises the threshold of how much a property has to cost before stamp duty is paid to £250,000.

First time buyers currently pay no stamp duty on the first £300,000. However, this will be raised to £425,000.

The Chancellor also increased the value of the property on which first time buyers can claim stamp duty relief from £500,000 to £625,000.

These changes are being introduced immediately.

These changes will impact all firms dealing with conveyancing matters and engagements letters should be updated to mirror the changes. Underwriters will expect no less!