in the know

How will the Stamp Duty holiday affect our property market?

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.