Stamp Duty HolidayWahay! Chancellor Rishi Sunak confirmed the stamp duty threshold will be increased immediately to £500,000 from now until 31st March 2021.
Stamp duty will only be payable on the amount over £500,000 and will apply to first time buyers as well as those who have previously purchased property, including companies.
At present there is no stamp duty payable on property purchases below £125,000, or £300,000 for first time buyers.
As a result, a purchaser in London can now expect to save just over £14,000 when buying the average priced property in the capital of £485,000. It is said 9 out of 10 transactions in England will no longer be subject to the tax.
'On the ground', we expect the move will boost home buying activity which has been benefiting from a release of pent-up demand since lockdown restrictions were eased. We've certainly noticed an uplift in demand, the number of sales agreed and properties available for sale which are being snapped up by buyers keen to take advantage of record-low interest rates.