Stamp Duty Holiday has been extended until the end of June
The first stamp duty holiday was introduced last July two months after the Global pandemic shook the world. The savings were too good to be missed with buyers saving up to an attractive £15,000 when buying a new home.
Chancellor Rishi Sunak has announced today with huge delight to many home buyers who are either currently in the process or starting their home buying journey. His decision to extend the Stamp Duty Holiday until the end of June. This new deadline will benefit circa 300,000 homebuyers, with an estimated 80% paying no stamp duty at all, according to property website Rightmove. It is reported the tax breaks would total £1.75 billion.
This decision not only will attract more people to buy a new home but will in turn boost the property market, saving buyers up to £15,000.
Today’s announcement of the extension of the stamp duty freeze has been just what the industry has needed. House sales are currently not completing as quickly as usual and the extension is a welcome break for current purchasers where some people are saving in excess of £12000,00.
What is Stamp Duty
To put it simply, it is a tax you pay when you purchase a new home and is a percentage of the property price. The Stamp Duty threshold was increased to £500,000 in England and Northern Ireland, and £250,000 in Scotland and Wales last July, this means for those buying a home worth more than £500,000 could save £15,000 in tax before the deadline of March 31.