Today, the UK's Chancellor of the Exchequer announced changes to the stamp duty land tax, reducing the rates to aid homebuyers and investors. These effects will in place from today (8th July 2020) until 31st March 2021.
What does the stamp duty holiday mean for you?
Previously, first-time buyers didn't have to pay any stamp duty on properties up to £300,000 and 5% on properties between £300,000 and £500,000. However, the new Government announcement means that a first-time buyer won't have to pay anything up to £500,000 until 31st March 2021. The reduced stamp duty rates also now apply to homebuyers who may have previously owned property and they also will not have to pay any stamp duty on properties up to £500,000.
How does it affect investors?
Investors will have to pay stamp duty on their property investments but at a reduced rate. During the stamp duty holiday, investors will have to pay 3% for purchases of additional dwellings on properties up to £500,000.
Find out more by visiting the Government website.
View our selection of properties to make the most of the stamp duty holiday and reduced rates.