Stamp Duty Holiday

Stamp duty would normally be paid on purchases over £125,000 but as from today 8th July the chancellor has announced this minimum threshold will now be £500,000 on all property sales in England and Northern Ireland for the next 6 months. The aim is to boost the property market and help buyers struggling because of the coronavirus crisis.

What is stamp duty?

Stamp duty is a tax paid by people buying properties. The amount handed to the government depends on where you are in the UK, the price of the property and whether you're a first-time buyer.

How much is stamp duty?

In England and Northern Ireland stamp duty is paid on land or property sold for £125,001 to £250,00 at 2%

£250,001 to £925,000 at 5%

£925,001 to £1.5 million at 10%

Above £1.5 million at 12%

First time buyers are allowed up to £300,000 before they pay 2%

Landlords will also benefit but will still pay an extra 3% of stamp duty when they purchase a buy-to-let property in England and Northern Ireland.

What you could save?

That means someone buying a house for £249,000 would save £2,480 in stamp duty to move home.

Anything you purchase up to £500,000 will incur £0 stamp duty costs, saving up to a maximum of £15,000 as long as the deal is completed before 31 March 2021.

Chancellor Rishi Sunak said: "The average stamp duty bill will fall by £4,500. And nearly nine out of 10 people buying a main home this year, will pay no stamp duty at all."

So make hay while the stamp duty sun shines and bag yourself a bargain or two :-)