Stamp Duty ‘Holiday’ Announced
Today, a series of interventions were announced to stimulate the economy following the COVID-19 pandemic.
Referred to as the ‘mini-budget’, the announcement has unveiled government spending plans to recover the economy and keep industries moving in a positive direction. For the property industry, a stamp duty ‘holiday’ has been publicised, with the government revealing a cut in stamp duty by raising the threshold for payment of stamp duty tax from £125,000 to £500,000.
By increasing the stamp duty threshold from the current level of £125,000, it will reduce the cost in buying a home and support home buyers at a time when mortgage lenders are looking for larger deposits. This change will take affect immediately and will run until the 31st March 2021 which will keep the housing market moving after fears it would freeze following the pandemic.
Another measure that was announced was the ‘green homes’ scheme, including £2 billion worth of vouchers for homeowners and landlords to apply for a grant to make their homes more energy efficient. Under the new scheme, the government is expected to cover at least two-thirds of the expenses of home improvements.
If you would like to discuss how these changes will affect your house move contact your nearest branch for more information: https://www.daleeddison.co.uk/contact
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