Chancellor Rishi Sunak has extended the stamp duty holiday by three months in the Budget delivery today (3rd March) in a bid to keep the property market moving as the country unlocks.
The new £500,000 nil rate band for #StampDuty won’t end on 31st March, it will end on the 30th June.
Then, to smooth the transition back to normal, the nil rate band will be £250,000, double its standard level, until the end of September. #Budget2021 pic.twitter.com/jq7APWRP5M
— Rishi Sunak (@RishiSunak) March 3, 2021
The temporary stamp duty holiday, first announced in last year’s summer economic update, means that if you are buying a home up to the value of £500,000 in England and Northern Ireland, you will not pay any stamp duty.
The extension means that you now have until 30th June to complete your property transaction and save up to £15,000 in stamp duty.
From the end of June, the nil rate band will then be reduced to £250,000, double its standard level, until the end of September.
Then on 1st October, it will return to the usual threshold of £125,000.
The news will be a huge relief to those buyers and sellers who have been desperately trying to beat the stamp duty deadline.
According to Rightmove data, extending the scheme until the end of June will see an additional 300,000 sales in England able to benefit from the holiday. Equating to buyers collectively saving £1.75bn in tax, with 80% paying no stamp duty!
This is great news from anyone with a property sale still in the pipeline and anyone still hoping to jump on the market to take advantage of the stamp duty holiday.
Absolutely! House prices continue to climb, interest rates are at all-time lows and there’s still no stamp duty to pay on homes up to £500,000. Arguably, there’s never been a better time to sell.
If you’re hoping to take advantage of all of the above, but your property still isn’t on the market, you need to act now. Your window of opportunity is small – and is shrinking every day – but with the right people working on your behalf, you can make the most of the current market.
Take the first step to selling your home and book a FREE, no-obligation valuation now.
Or call our team on 0161 443 4861 for a FREE, friendly chat about how we can make your perfect move happen – we’d love to help.
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Chancellor Announces Stamp Duty Holiday | Here’s What You Need to Know
