New Stamp Duty Holiday, What Does It Mean For You?

On the 8th of July the government unveiled a new stamp duty holiday that will run until 31st March 2021.

 

The aim of this being to support people buying homes and to help kickstart the property market. So far in Bristol however, there has been little or no evidence of a slowdown.

But what does this mean for purchasers?

Previously, you would have paid stamp duty on homes sold for at least £125,000, or if you were a first-time buyer, on properties sold for more than £300,000. The Chancellor has now raised this threshold to £500,000.

This means that nine out of 10 people buying a main home between now and the end of March will pay no stamp duty at all, and the average stamp duty bill will fall by £4,500.

The temporary stamp duty holiday kicked in on 8th July and it’s hoped these changes will make it easier for those buying property in the coming months.

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