What can you save?

July 29, 2020

The recent introduction of the stamp duty holiday has certainly been music to the ears of many of our homeowners and prospective buyers, but what does it mean for you?

Whether you’re buying property up to £500,000 or higher, the cost savings are significant, meaning it’s more affordable than ever to consider your next move. You can find the full breakdown of costs on the government website, here.

If you are buying a home that isn’t a second home/investment property…

Up to £500,000 = no stamp duty

£500,000 + you will pay the tiered difference from £500,000 only,  you will save £15,000 (the stamp duty usually payable up to £500,000).

Landlords and second home buyers are also eligible for the tax cut but will still have to pay the extra 3% of stamp duty they were charged under the previous rules.

Stamp duty is payable upon completion, so if you’re already in the process of buying and selling, you will benefit, as will new buyers to the market as long as they complete before 31st March 2021.

To discuss your moving options, please contact your local branch.

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