No stamp duty under £500,000!
What does this mean?Buying a home – prior to this, you would pay 2% to 5% stamp duty on top of your deposit. Now, you only pay your deposit.
Selling your home – buyers have less money to pay in stamp duty therefore, are likely to offer closer to the asking price
The government have increased the stamp duty threshold to £500,000 for property sales until 31 March 2021.
Any buyer completing on a property purchase up to £500,000 between 8 July and 31 March will not pay any stamp duty.
This new initiative is aimed to help the UK recover from the potential financial difficulty that the general public may face.
Priestley’s advice – if you are in 2 minds to buy, take a leap of faith and buy that property before stamp duty is reintroduced in 2021. If you are in 2 minds to sell your house, take a leap of faith and advertise for sale before buyers have less money in 2021.
For any further advice on property, contact our head office below.
170 Elland road