On the 8th of July the chancellor if the exchequer Rishi Sunak announced a temporary increase to the stamp duty threshold to £500,000 for property sales in England and Northern Ireland, until 31 March 2021. This means that if are buying or replacing your main residence you will pay no stamp duty at all on the first £500,000 of the cost, a saving of up to £15,000.
Although not everyone is fortunate enough to be buying at half a million pounds, the average stamp duty bill will fall by £4,500, Chancellor Rishi Sunak has suggested, with nearly nine out of 10 people buying a main home this year paying no stamp duty at all.
With the property market moving quickly after lockdown, the announcement of this relief has already incentivised thousands to move house, bringing lots of homes in the lower price bracket to the market. Meaning its more likely than ever that you will be able to find your dream home.
It’s not just homebuyers and home movers that will benefit; although investors will still have to pay the additional rates of stamp duty, they will save on the standard rates.
Remember all transactions must complete before 31st March 2021 and that conveyancers will surely be inundated with buyers looking to complete by this date, our recommendation would be to buy and sell sooner rather than later to benefit from this relief.
If you think a move might be on the cards, speak to us to see what you can borrow, what the costs of moving are and how it will work for you.