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.