Last June, the government introduced the stamp duty holiday to help boost the property market, meaning that customers no longer had to pay stamp duty on their house purchase if it was less than £500,000. It worked; since its introduction, the property market has enjoyed a significant increase in new buyers.
However, from the start of July, stamp duty has been re-introduced but at a reduced rate to before the pandemic.
From July 1st to September 30th, reduced stamp duty has been put in place for those who are looking to buy a residential property under the new £250,000 threshold. The new rates are as follows:
Since the new rates have been introduced, first-time buyers can also receive special rates for purchasing property through a shared ownership scheme. Those buying their first property will not pay stamp duty on properties up to £300,000 and many lenders are offering mortgages with only a 5% deposit required, under a new government guarantee scheme.
On 1st October 2021, the stamp duty holiday will be over, and only properties purchased at a value of £125,000 or less will be exempt.
For more information on how you can benefit from the stamp duty holiday, get in touch with our team.