In a recent announcement by Chancellor Rishi Sunak on July 8, the government unveiled a temporary change to the stamp duty threshold, rising from £125,000 to £500,000 with immediate effect and in place until March 31, 2021. Effectively, those seeking to purchase a house valued at less than £500,000 will not have to pay any stamp duty fees during this term.
For first-time buyers, the recent announcement might have no impact as they are exempted already from stamp duty fees on London house below £500,000 and other UK properties valued at less than £300,000.
However, those seeking a mortgage to move property may be provided with an opportunity to save a significant sum of money. This was reaffirmed by the Chancellor in his recent announcement where he commented that around nine in every ten house buyers will not be required to pay stamp duty this year.
For many mortgage customers who were concerned about their ability to pay the stamp duty costs connected to moving home, the stamp duty holiday will give them confidence to do so. Previously, the market favoured first-time buyers, only offering them exemption rights, but now people selling their current home and taking another step up the property ladder can also benefit.
Whether you’re a first-time buyer or taking advantage of the stamp duty holiday to make your move, you can count on our expert team at Ingard. Contact our dedicated team today for advice and support
