Stamp duty holiday extension set to save buyers thousands
Today (March, 3, 2020) the Government has announced a six-month extension to its stamp duty holiday for buyers in England.
Chancellor Rishi Sunak made the announcement as part of his 2021 budget alongside the introduction of 95% government backed mortgages in a bid to increase buyer confidence and further strengthen the housing marketing in England.
Mr Sunak set out a phased return of the home-buying tax with nil payments for purchases up to £500,000 until the end of June then from 1 July 2021 – 30 September 2021 the threshold will be increased meaning stamp duty will only be payable on purchases over £250,000. From 1 October 2021 thresholds will return to the normal rate with stamp duty payable on transactions above £125,000.
Since the initial abolishment of the tax in July 2020 the property market has seen a 10-year high in price growth. However, delays in properties completing have also peaked and it was estimated more than 100,000 buyers who agreed a purchase last year would lose out on the savings.