The Government’s summer statement announced temporary changes to stamp duty land tax payable by buyer’s purchasing a main residence with immediate effect from 8 July 2020 until 31 March 2021.
Buyers purchasing their own and main residence during this period with a value of less than £500,000 will now pay no stamp duty. An amazing saving for buyers who could potentially save thousands, and who may wish to use such funds which would otherwise have been used to pay the tax, on their new dream home.
For those buying second homes or additional properties under £500,000 they will be subject to stamp duty land tax at 3% (not 3% on top of the previous standard rates as previously). Again a saving especially those caught under the 3% surcharge rules, who are buying a house having not already or simultaneously selling their existing property.
What this will do to the property market remains to be seen but such an announcement can only benefit the property market and help buyers buy and sellers sell. We love to be kept busy!
Oglethorpe Sturton and Gillibrand have seen property transactions proceed and complete even during the lockdown and over the past four weeks have seen a steady increase in new sales and purchases. We are here to advise and give guidance to our clients at such challenging and changeable times.
Anyone with a query about how these changes will affect your property transaction, or if you are looking at selling or buying in the near future, please contact one of our experienced and helpful property solicitors today.