It has been confirmed in today’s budget that, as rumoured, the stamp duty holiday in England and Northern Ireland has been extended.
The stamp duty holiday extension takes the pressure off movers who were rushing to complete by the end of March before Stamp Duty Land Tax was due to be reinstated.
In today’s Budget announcement by the Chancellor Rishi Sunak, it was confirmed that the stamp duty holiday will be extended to 30 June, meaning that until that date there will be no stamp duty payable on the first £500,000 of a property purchase.
Rather than create a cliff-edge by removing the SDLT relief completely from 1 July, the Chancellor has decided to reduce the threshold to £250,000 until the end of September, before returning it to the pre-pandemic threshold of £125,000 from 1 October.
This move will mean that a significant proportion of buyers will benefit from zero or reduced stamp duty over the next seven months, which should ensure the residential property market remains buoyant.
In other property news, first-time buyers have been given an opportunity to get a foot on the housing ladder with the announcement of a new government guarantee, which will provide access to a wider choice of mortgages that only require 5% deposits.
The new products will be available from next month to first-time buyers purchasing properties up to £600,000.
If you require advice on any residential property matter, including the stamp duty holiday extension, or would like a conveyancing quote, please don’t hesitate to get in touch by phoning 01782 205000 or emailing email@example.com