The level at which housebuyers pay Stamp Duty tax is to be doubled to £250,000, the Chancellor Kwasi Kwarteng had confirmed.

No stamp duty will be paid on the first £250,000 of a property, while for first-time buyers the threshold will be increased from £300,000 to £450,000.

The Chancellor announced the Stamp Duty cut for England and Northern Ireland in the mini-budget on Friday morning.

He said the measure will take more than 200,000 buyers out of paying stamp duty altogether.

This story is being updated.

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