Breaking News - Stamp Duty Changes - Saves Home-movers Thousands £££££
Two minute read - Detailing Rishi Sunaks Stamp Duty Holiday Announcement
Breaking News - Stamp Duty Changes - Saves Home-movers Thousands £££££
A Two Minute Read - The Chancellor Rishi Sunak has announced sweeping changes this afternoon around Stamp Duty which is excellent news for anyone thinking of buying a home
.
Stamp Duty is a tax applied when you buy a property and the announcement that there will be a payment holiday starting immediately means home b uyers will save thousands of pounds.
What's Changing?
The Government has raised the stamp duty threshold to £500,000 for all buyers until March 31st, 2021.
That means property purchases below £500,000 will not need to pay ANY stamp duty.
On average that will save home buyers at least £4500 according to the Chancellor, also meaning 9 out of 10 people will pay no Stamp Duty whatsoever while the holiday lasts.
The move has been welcomed by home buyers and across the property industry. It is being seen as a step on the path to getting the UK's economy firing on all cylinders again.
What it Means to You
You're most likely thinking 'how much could I save when buying a new property now?'
Well, the more you pay for a property during the Stamp Duty Holiday - up to the new £500,000 threshold - the more you can save.
For example, if you bought a house for £275,000 before today's announcement, the Stamp Duty you would
have to have paid would have been £3750 compared to zero now.
What does it mean for the property market?
We Have already seen a lot of interest in the East Kent property market since lock down was relaxed.
This move by the Government will keep the positive momentum going and help the broader economy.
This is because when people move, they often spend thousands of pounds doing up their new home to suit their lifestyle and tastes.
The change also means now is a great time to put your property on the market as we're expecting a surge of buyers looking to make their move while they can save a large chunk of cash.
What we're doing to help buyers and sellers
We're primed and ready to take your calls and answer any questions you have around the new Stamp Duty changes.
So, if you are thinking of selling in 2020 now is the perfect time thanks to this news. If you would like to find out what your property is worth click here for our three valuation options.
We are always here to help so if there is something you want to know, why not give us a call.
Thank you for reading
The team at Regal Estates
Canterbury 01227 763888
Sandwich 01304 611227
Dover 01304 809800