STAMP DUTY CUT – What does it mean for me?

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STAMP DUTY CUT – What does it mean for me?

On Wednesday 8th July, the chancellor of the exchequer unveiled one of the most enticing opportunities to home buyers I have seen in many years here in the UK namely the removal of stamp duty on homes worth up to £500,000 in a bid to kickstart the housing market amid the pandemic crisis. The cut will last until 31 March 2021. In real terms this means that that if you are looking to purchase a property at £500,000 the SDLT rate would be Zero, yes that’s a whopping £15,000 saving. The next £425,000 (the portion from £500,001 to £925,000) 5%. The next £575,000 (the portion from £925,001 to £1.5 million) 10%. The remaining amount (the portion above £1.5 million) 12%. With the new rates in place this now means the average stamp duty bill will fall by £4,500. This great news along with the current property market climate means there is no better time to buy whether its looking for that first home, upscaling to something larger or considering an investment. With the break having a a stop date its time to get out there and start looking for that perfect property, this really is a chance that should not be missed because once the market starts to find recovery and this grand gesture expires things will resume to normal and you could miss out on the most generous opportunity the government has offered home buyers in decades.

“I have known Dawn in a professional capacity for a very long time, as we used to work together for a number of years. She has a comprehensive knowledge of the Docklands real estate market, but this is not her strongest point. What makes Dawn stand out as an agent is the effort she puts into every deal, the relationships she builds with everyone and the passion she has for what she does. Dawn and Gabriella have been managing my investment property for more than 3 years. I now live overseas and I feel so comfortable knowing they are really looking after my interest, whilst at the same time always being fair and transparent with the tenants. Nothing is big enough job for those ladies and everytime I say ‘thank you – I am so grateful for what you do’, the reply is ‘It’s my job’. I really cannot recommend this wonderful team enough!”

Daniela WeatherillOverseas Landlord

“We are incredibly happy with the service that Dawn Sandoval Residential provide. They offer a personal but very professional service, and we feel secure and confident with their management which is key when letting out a property.”

Amy Facey

“Dawn Sandoval Residential and associates have managed several transactions on our behalf, and each time they have gone above and beyond our expectations. We trust the team highly, and I honestly couldn’t recommend them enough.”

Neil Chinniah

“The Dawn Sandoval Residential team took the time to properly understand what I was looking for. At every stage of the process, I knew they were doing their best for me and valued me as a customer. I have no hesitation in recommending their services in the highest possible terms.”

Andrew Simmonds – Management Consultant

“Dawn Sandoval Residential offer a real personal service. Their response rates are excellent, and we have a sense that they care about our tenants and properties. We cannot recommend them highly enough.”

Cathy & Paul Betts

“Dawn Sandoval Residential have great insights into the property market in London and especially around Canary Wharf. They work very hard to understand their clients’ requirements, and we would highly recommend them.”

David & Ginette Marks