Budget announcement by Rishi Sunak means no stamp duty will be liable until 31 March 2021 on first £500,000 of any purchase!
A great new and excellent move to boost the confidence of the buyers by Chancellor Rishi Sunak, who has confirmed the much-rumoured stamp duty holiday, raising the threshold from £125,000 to £500,000 until 31 March 2021.
Unveiling today’s mini-Budget, he said the changes would take effect immediately, cutting the average stamp duty bill by £4,500, with 9 out of 10 house buyers paying no stamp duty at all.
There was also a boost for agents, many of whom have been furloughed. Mr Sunak announced that though the furlough scheme would end in October, employers will be given a £1,000 bonus per person to take furloughed staff back on, providing they were employed through to January.
“If you stand by your workers we will stand by you,” Mr Sunak told the Commons. Rightmove reported that within first half-hour of the announcement, traffic to its website jumped by 22%.
The news has received a warm welcome from a property industry still recovering from a near total shutdown of the market during lockdown. For more details why not contact our sales team or visit our office and meet sales negotiator however you must book appointment and clear the Covid-19 Screen before the negotiator sees you.