Until the 30th September 2021 the threshold for Stamp Duty has been increased to £250,000 meaning 0% stamp duty for any property purchased below that amount.
Huge Break for Homebuyers
What Does This Mean For YOU?
Effective immediately and running until 30th June 2021, stamp duty will be zero on any property purchase below £250k for home movers and first time buyers.
This could represent a tax saving of up to £2,500 which is a huge sum and when you use our Property Launch method to sell your home, you could end up with an additional £8,222 in your back pocket, making you up to £10,722 better off.
Previously, stamp duty was charged on properties costing £125k or more, except for first time buyers, who paid nothing up to £300k and a reduced rate up to £500k. Therefore, it will not benefit first time buyers, but will be a boon for any existing homeowners looking to move and purchase properties over £125K.
It's a fantastic step to keeping the housing market moving, though beware if you are purchasing an additional / rental property. You will still have to pay the 3% surcharge applicable for additional dwellings.
Our MD, Ian Preston, being interviewed by Sky News about the new Stamp Duty Changes
How Much Can You Save?
The most you will be able to save through this stamp duty adjustment is £15,000 which would apply to properties valued at £500k or more, where you have exchanged contracts prior to 31st March 2021 and then complete the sale prior to 30th June 2021. This was in line with the previous stamp duty holiday guidelines. If you are entering the market now you will fall under the staggered stamp duty holiday guidelines, which is zero stamp duty to pay on properties up to £250k. This represents a maximum saving of £2,500.
How much is your property worth?
Curious about the value of your home? Choose our Hometrack Valuation for a free, online estimation.
Looking to sell or let in the next 6 months? Book a free, no obligation valuation of your home directly into the diary of your local Preston Baker team. For the most accurate home valuation seeing an agent face to face is the best solution. We have a valuation expert in your area that can see you this week, simply select an appointment time to suit you.