There has been some good news for house buyers in England, as the Chancellor has announced that from 8 July until 31 March 2021, the Stamp Duty Land Tax (SDLT) 0% band has been increased from £125,000 up to £500,000. This means that if you are buying at a price of up to £500,000, you now pay no SDLT at all. Previously a buyer would have ended up paying up to £10,000 in tax.
Investors buying residential property still have to pay an additional rate of 3%, but nevertheless there is still a substantial saving for them as well.
James Lee, Chairman and member of our dedicated property team, says: "The hope is that this will help to stimulate the housing market, but this is only a temporary step and time will tell what the longer term effects will be on the property market from April 2021 onwards. Nonetheless, it is very welcome news for home buyers"
We are still waiting to hear whether any similar stamp duty holiday will be introduced in Wales.
For legal advice and support for moving home or purchasing residential property, please contact one of our specialist conveyancing team.
