Stamp duty holiday extended

March 04, 2021

A welcome announcement for many buyers who are close to completing, Chancellor Rishi Sunak has confirmed the extension of the stamp duty holiday.

In yesterday’s Spring Budget, the government announced the stamp duty holiday would be extended until the end of June, with a tapered continuation until the end of September.

This news will help the many buyers and sellers who have been rushing to reach the previous deadline of 31st March, providing savings of up to £15,000.

The stamp duty holiday introduced last July removed stamp duty on properties up to £500,000, with the savings available on the same value for higher-priced property. This scheme brought a huge influx of buyers and sellers to the property market, with a £15,000 saving incentive, it’s easy to see why it was so popular.

The result for the industry, whilst positive, has led to some delays due to the level of workload for conveyancing firms. This extension will help to alleviate the urgency and tempt buyers without a chain to try and move before the end date.

In further good news, the zero rate band will be £250,000, double its standard level, until the end of September, returning to the usual threshold of £125,000 for stamp duty payable on 1st October.

This will further entice first-time buyers to the market, who can now be supported, like all other movers, by the new mortgage guarantee scheme as well.

“The extension, but more importantly the tapered end, to the stamp duty holiday will come as a real relief to those already in the process of selling and buying. Add to the mix the mortgage guarantee scheme and it has to be really encouraging, and music to the ears of first-time buyers who have faced challenges in stepping onto the property ladder in the past year.” Steve Tetlow, Managing Director.

For further information on the latest stamp duty holiday extension, click here. If you’d like to make the most of the current financial incentives on offer, speak with your local branch who will be happy to offer informal advice and guidance.

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