Stamp Duty Update 2020: what does this mean and how can you benefit from this unique and exciting opportunity
On 8th July 2020, Chancellor Rishi Sunak announced the Stamp Duty Holiday, updating the previous tax rates for those looking to purchase a residential property in England and Northern Ireland. The threshold for paying stamp duty tax has been raised to £500,000. Whether you’re looking for your first home, upsizing or downsizing, or simply want to add to your existing property portfolio, this new change could help you to save money.
Demand to move has spiked since the stamp duty holiday was announced in July. Rightmove reported an uplift in traffic to their website by 22% in the first half hour following the stamp duty announcement (Rightmove and Google Analytics, 8th July 2020), and new listings on the property portal are up by 50% compared to July last year (Rightmove, August 2020). Buyers and sellers tempted by the stamp duty holiday are more than ever ready to move.
Nick Whitten, Head of UK Living Research at JLL reported:
“There is a lot of pent up demand for new homes in the UK – our research shows more people are now looking to move home in the next two years. This stimulus could trigger a stronger than anticipated bounce in demand by allowing aspiring purchasers to use their stamp duty saving towards a higher deposit.”
What does the Stamp Duty Land Tax (SDLT) change mean for you and how can you benefit?
The estimated cost of moving home in 2020 in the UK is £8,951 according to comparemymove.com. The stamp duty holiday will help you save on your property purchase, if you buy and complete before 31st March 2021.
Why not use your savings to give your new home a lift? Purchasers buying a new property can save up to £14,999 which can be used to update your new space. Refresh and brighten up open-plan living areas with a new colour scheme, soft furnishings, a new feature wall or upholstering the old furniture to revitalise a room.
Explore our extensive range of properties and find out how much you could save on your new home using our stamp duty calculator .
