As many of you would have seen, earlier this month Chancellor of the Exchequer, Rishi Sunak announced the stamp duty ‘holiday’ until April 2021, making certain properties on the market exempt from the tax.
During his summer announcement, the Chancellor unveiled the emergency mini-budget that included the removal of stamp duty on homes worth up to £500,000 in a bid to kickstart the housing market and boost confidence amid the coronavirus outbreak.
These measures will be in effect until 31st March 2021, with the average stamp duty bill falling by £4,500, but for properties priced at £500,000 the saving could be £15,000.
Although this is only temporary, it could have a huge impact on people looking to buy a home around the UK.
What is stamp duty?
Stamp duty land tax (SDLT) is a sum of money that has to be paid when an individual purchases a property or piece of land for a certain amount of money. The amount required to pay depends on the overall price of the property.
As it previously stood, people who bought property up to £125,000 did not need to pay stamp duty, but this has now increased to £500,000.
The Government says the temporary move will mean nine out of 10 people buying a home this year won’t need to pay any stamp duty at all.
Here is a link to our stamp duty calculator.
If you’re considering a move which you had thought was out of the question, please get in touch with a member of the team or browse our large portfolio of North East homes online.