Rishi Sunak is preparing to extend the stamp duty holiday by three months, allowing home movers to save up to £15,000 using this scheme until the end of June.
According to media reports this morning, the Chancellor is preparing to extend the stamp duty holiday until the end of June in a bid to keep the property market moving as we emerge from lockdown.
In July last year, the government abolished all stamp duty tax on homes worth up to £500,000 until the 31st March 2021 in England and Northern Ireland. This scheme enables people to save up to £15,000 in stamp duty – which is great news for anyone looking to move home.
So far, the scheme has been highly successful, with house sales increasing to their highest level before the 2007 financial crisis, according to reports from think tank the Centre for Policy Studies.
With so many homeowners still yet to complete their property transactions, Mr. Sunak has faced mounting pressure to extend the stamp duty deadline. This will hopefully be confirmed next week.
According to Rightmove data, between 120,000 and 160,000 extra property transactions in England could benefit from tax saving if the stamp duty extension is given the go-ahead.
And if 160,000 transactions made it through, buyers could save a whopping £1 billion in total.
Rightmove based their stats on the number of property transactions that are completed each month in England between September and December last year, according to data from HMRC.
If the stamp duty extension is given the green light and you’re hoping to move in time to make the most of it, you need to put your property on the market now!
Our team of experts help hundreds of people make their perfect move every month and are on hand to help you make yours a swift and successful one too.
For a free, friendly chat about selling your home call 0161 443 4861 – we’d love to get you moving.
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