Great News – Stamp Duty Freeze Announced
Today the Government announced that Stamp Duty has taken a holiday. So, exactly what has changed?
The government has increased the lower stamp duty threshold to £500,000 for property sales in England and Northern Ireland. This means that any property purchases below £500,000 will not need to pay stamp duty as long as the deal is completed before 31 March 2021.
People buying second homes and buy-to-let properties will also benefit, but will still have to to pay the 3% extra duty due on the entire price. The move is aimed at helping buyers who have taken a financial hit due to the Covid-19 pandemic.
The government predicts that the average stamp duty bill will fall by £4,500, but the saving will be a huge £15,000 for a property priced at £500,000.
This mean if you were considering moving home in the next year or two, now is the time to do so. If you would like to find out more, contact us today to discuss how this affects your circumstances.