Are you considering a move? Would you like to know the true value of your home? With just 22 weeks left until the Stamp Duty Holiday comes to an end, now could be the right time to take the first step towards a new home! 🏡
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The Chancellor, Rishi Sunak, unveiled a major stamp duty cut in July in a bid to boost the housing market.
He raised the threshold at which buyers have to start paying stamp duty with immediate effect, from £125,000 to £500,000, in England and Northern Ireland.
It means that nearly nine out of 10 transactions are no longer subject to stamp duty, with the average bill falling by £4,500.
But the stamp duty holiday is set to run until 31 March 2021 so buyers have just a few more months to take advantage of the break.
So how does the stamp duty holiday work ⁉️
Sunak’s holiday means that buyers now only start to pay stamp duty on property above £500,000 in England and Northern Ireland.
This is for people buying their first home, or moving up or down the housing ladder.
These are the holiday rates:
The 3% stamp duty surcharge applies on top of the holiday rates, so people buying additional homes attract a 3% stamp duty bill on the first £500,000 of property.
This still results in a saving, because the 3% rate previously applied on the first £125,000, with higher rates above that.