Rishi Sunak announced yesterday that the majority of property buyers will not have to pay any stamp duty on properties up to £500,000! It is estimated the average saving will be nearly £5k but could be as much as £15k. But this tax break will only apply to property purchases completed by 31st March 2021, so there's no time to wait.
But what about second homes? Stamp duty is also cut for landlords and those wanting a second home too, just 3% will need to be paid up to £500,000.
The government estimates that "nearly nine out of ten people buying a main home this year will pay no stamp duty at all."
In the first half hour after the announcement on the budget was made yesterday by Rishi Sunak, traffic to property website Rightmove jumped by 22%! The previous day, as speculation mounted about the announcement, Rightmove had a record 7.7 million visits.
So if you're house hunting after being trapped during lockdown this will be very welcome news as you'll have some extra money to play with. You could choose to view more expensive properties, put down a bigger deposit or look at properties that need some DIY - the choice is yours.
Or if your plans include selling a property, what are you waiting for? Demand is at record levels for property from prospective buyers and Rightmove enquiries to agents have doubled what they were before lockdown?
Rightmove's property expert Miles Shipside said: 'Lockdown prevented 175,000 would-be sellers from coming to market so we hope this stamp duty holiday will provide the spur for those missing movers to come to market.'
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