The new stamp duty tax break, announced on 8th July 2020 by Chancellor Rishi Sunak, means that anyone buying a main home before 31st March 2021 for up to £500,000 will pay no stamp duty and those spending above £500,000 will only pay tax on the amount over £500,000, equivalent to a saving of £15,000. These changes are effective immediately.
For example, those purchasing a main home at £750,000 yesterday would have paid £27,500 in stamp duty, but if purchased today, the stamp duty is £12,500.
The stamp duty holiday is a welcome boost for the housing market and should have a positive impact on the wider economy. The Government will expect that some of savings made by buyers will be reinvested in home improvements, white goods and furniture, rather than increasing house prices further.
To calculate how much you could save, use our updated Stamp Duty Calculator here.
To view properties currently for sale, visit our website here.
To discuss selling or renting a property, please get in touch here.
Note: Stamp duty rates are different in Scotland and Wales.