CONFIRMED- Stamp Duty Holiday Extension!
Breaking News! The Chancellor Rishi Sunak has today announced that the stamp duty holiday will be extended.
Stamp Duty Holiday Extension Confirmed!
This applies for properties up to £500,000 until the end of June, as predicted.
It has also been announced that the nil rate stamp duty band will be increased to £250,000 until the end of September.
What does this mean?
This will save home movers thousands in SDLT and stop the many transactions that were agreed on the proviso they were complete prior to the March 31st cut off time from falling through. There are currently up to 100,000 property sales that could of missed out on the stamp duty holiday due to delays in the home moving process.
Until the end of June the zero rate stamp duty will continue up to £500,000 and after that the zero rate band will be £250,000 until the end of September, the normal rate will only return in October.
The nil rate band has doubled, previously this sat at £125,000 so this will save thousands more for home movers.
This applies on purchases of main residences, rates for second properties can be found on the government website link below.
What is the market like?
The housing market is buoyant, here at Lesley Hooks we have seen record numbers of new listings and sales agreed over the past year. Property prices are currently holding up very well and have increased since this time last year. The stamp duty tax cut was due to end on March 31st and even with that news the market was not slowing down despite new home movers not being able to benefit, it is therefore thought we will continue with high levels of activity.
There is still time to benefit from the stamp duty savings, so if you are thinking of moving or want some advice on how this could affect you then get in touch:
Email Us: lesley@lesleyhooks.co.uk
Call Us: 0151 644 6000 (Bebington) 0151 334 5875 (Bromborough)
Whatsapp (Messages Only): 07538771198
Contact us on our social media platforms.
Follow this link to arrange a free no obligation valuation: https://www.lesleyhooks.co.uk/valuations.htm
For more information please see the following follow the government updates on SDLT relief.