Spring Budget 2024: Multiple dwelling relief for stamp duty axed

The Chancellor announced that from 1 June 2024, the multiple dwelling relief (‘MDR’) to pay less Stamp Duty where a person is buying two or more residential properties in the same transaction has been scrapped. Many borrowers, landlords, and first-time buyers alike were hoping that the Chancellor would announce a reform to Stamp Duty to reflect the current costs of properties across the UK, but unfortunately, it’s not in this budget.