At the time of writing, the Chancellor is due to announce immediate plans for a Stamp Duty Holiday on the first £500,000 on residential property purchases.
This is a huge boost for homebuyers and the property market as a whole. Buyers will make substantial savings when purchasing a home and this could mean additional sales and spur those buyers and sellers who have been hesitating, to now strike while the iron is hot and proceed with moving home.
On a £300,000 purchase this would save £5,000 (a new luxury bathroom) whilst on a £500,000 property the saving would be a whopping £15,000 (average cost of a bespoke fitted Kitchen with appliances).
This could be a once in a lifetime opportunity if you are looking at moving home. In the coming months and years, the taxman could be looking to recuperate some of the lost revenue that he has suffered during the lockdown. Taxes could rise (including stamp duty) in the future so this is an opportunity not to be missed.
Speaking as a buyer, my only regret is I moved house last November and have already stumped up a sizeable Stamp Duty payment to the Treasury in the last 6 months. Such is life.
If you would like to take advantage of this incredible opportunity or need further advice on moving home in the current market, please call our office on 01926 298 298 and we will be delighted to offer a free consultation.
Thank you Mr Sunak…