Rishi Sunak announced in the Spring Budget that the temporary stamp duty holiday in England and Northern Ireland has been extended until June 2021.
The news comes as a relief to buyers and sellers who were hoping to get their sale completed in time to meet the previous deadline of March 31st.
What does the temporary stamp duty holiday mean for you?
The temporary stamp duty holiday, first announced by the government on 8th July last year, means that if you are buying a home up to the value of £500,000 you will not pay any stamp duty.
With the extension being announced, it now means you have until 30th June to complete on the purchase to make the stamp duty saving. Then, to smooth the transition back to normal, the nil rate band will be £250,000, double its standard level, until the end of September.
It will return to the usual threshold of £125,000 on 1st October.
Rishi Sunak said ‘The cut in stamp duty I announced last summer has helped thousands of people buy a home and supported the economy at a critical time. But due to the sheer volume of transactions, we’re seeing many new purchases won’t complete in time for March’
With the stamp duty holiday extension being announced, this should give thousands of home-movers the opportunity to complete before the new deadline.
If you are looking to buy or sell, now is the time to do it. Please get in touch by calling us on 01202 303066 to arrange a free no obligation valuation on your property. Alternatively, email us on email@example.com.