What does the stamp duty changes mean for the property market?

What does the stamp duty changes mean to the property market? 

Chancellor Rishi Sunak yesterday announced important changes to the current stamp duty which is excellent news for anyone looking to purchase a property.

Stamp duty land tax is a tax applied when you buy a property and the payment holiday starts immediately meaning that buyers will save thousands of pounds. 

What are the changes?

Currently, the stamp duty threshold for 0% is for any main residential purchases up to the value of £125,000 and this has been raised to £500,000 for all buyers until March 31st 2021. That means that anyone looking to purchase a property below £500,000 will pay 0% stamp duty! 

On average that will save homebuyers at least £4,500 according to the Chancellor, and also means that 9 out of 10 people will be paying no stamp duty until 31st March 2021.

The strategic move by the government has been welcomed by home-buyers across the property industry and it is a step in the right direction to get the UK's economy firing on all cylinders again. 

What does it mean for those who are looking to buy?

You will be saving ££££'s on your next purchase!

The more you can spend, the more you will save (up to the new threshold, £500,000). For example, if you bought a house for £300,000 before the stamp duty holiday, you would be paying £5,000 in stamp duty, whereas if you complete on your next purchase anytime from now to the 31st March 2020 you will now pay £0.

What we are doing to help buyers and seller?

Following the announcement that estate agents could get back to work, we have been busy from day one and are ready and waiting to take your calls, conduct physical viewings (safely with the necessary precautions) and provide expert advice to those looking to move.

If you have any questions around the new stamp duty changes, please feel free to give our property professionals a call on 01803 367191 or email us at info@imoveestateagents.co.uk