Stamp Duty holiday is a welcome boost to the Housing Market
The Chancellor of the Exchequer, Rishi Sunak, has announced Stamp Duty savings on properties up to the value of £500,000.00.
Stamp Duty will not be payable on property purchases by first time buyers or those purchasers replacing their main residences below the value of £500,000, provided completion takes place before 31 March 2021. The changes are effective from today, 8 July 2020.
The changes will also benefit purchasers of buy-to-let properties and second homes, although they will still be required to pay the additional 3% higher rate Stamp Duty uplift on the whole of the purchase price.
Rishi Sunak told MPs that in England and Northern Ireland this meant that nearly nine out of ten people looking to move would pay no Stamp Duty at all, his intention being to drive growth and support jobs across the house building and property sectors.
Nicola Arlin, Conveyancing at Scaiff LLP says 'We are still carrying out conveyancing and we have seen a steady increase in demand since things have started to open up again. The holiday on stamp duty and other changes benefiting buy-to-let and second homes is welcome news for the housing market.'