Chancellor of the Exchequer Rishi Sunak announced that, from 8th July, there will be no stamp duty on homes selling for £500,000 or less in England and Northern Ireland. This temporary tax holiday will last until the end of March 2021.
The threshold for 'no stamp duty' therefore rises from £125,000 to £500,000; meaning that around 90% of property transactions will be exempt from tax obligations. It is envisaged that this move will push previously nervous buyers into a sale, which is hoped to further fuel the housing market.
Together with lowered interest and mortgage rates, this change makes now a good time to be selling and buying.
If you are thinking of doing just that and require a professional building survey or related service, please get in touch today at support@elvetcharteredsurveyors.co.uk or alternatively speak to one of our friendly advisers at 0330 0419 031.
Click this link to an article to read more about the changes to stamp duty: https://lnkd.in/diMAXwe