The stamp duty holiday announced by the Chancellor on the 8th July could save home buyers in England up to £15,000. Previously, movers had to pay Stamp Duty on any homes costing over £125,000, but now that threshold has been raised to £500,000. This means that a buyer of the average home in England, worth around £250,000, would pay no stamp duty at all, saving about £2,460. Someone buying a £500,000 property would save up to £15,000.
Homes which cost over £500,000 will have to pay stamp duty, but £15,000 less than before, which is significant. In our area, 93.7% of sales were under £500k in the first quarter of 2020, so under these new rules, a good proportion of local homeowners could pay zero stamp duty.