For those not looking to read on, our synopsis is; whether you’re a buyer or seller, there’s a great opportunity to make quite a considerable saving. Time is of the essence though as this only lasts just over 6 months and a property transaction takes time.
Following the abrupt announcement from the Housing Minister, Robert Jenrick, to re-open the housing market on Wednesday 13th May, agents across the UK, including us, have been responding to the call from the Government to “help re-build the economy”.
After data revealed in Rightmove’s June House Price Index, it shows the market has well and truly sprung back into action. Their latest survey of almost 5,000 home movers has found crucially that 28% of people with no previous plans to move are now planning to do so. Well, this might just be set to get even bigger now with the announcement on the 8th July from Rishi Sunak, removing stamp duty for home movers up to £500,000 until 31st March 2021.
How much saving does this represent?
Essentially all property buyers will see a saving up to a purchase price of £500,000. For those house moving and first time buyers, you will pay no stamp duty up to £500k. For second homes and investors, you will still see a saving. To put things into perspective, according to Hamptons, over 88% of sales in the UK will see a saving.
- First time buyers and home movers – no stamp duty to pay up to £500k, above this you will pay stamp duty on the sum above £500k (i.e. £750k purchase price, you will only pay stamp duty on £250k)
- Home mover example:
Purchase Price Before 8th July After 8th July Saving £250,000 £2,500 £0 £2,500 £350,000 £7,500 £0 £7,500 £550,000 £17,500 £2,500 £15,000
- Investors and 2nd homes – Stamp duty will still be paid however at a reduced rate, example;
Purchase Price Before 8th July After 8th July Saving £250,000 £10,000 £7,500 £2,500 £350,000 £18,000 £10,500 £7,500 £550,000 £34,000 £19,000 £15,000
If you are thinking of moving then now is a great time to make it happen.
Next step? Book your free valuation
We can do a virtual valuation or in-person, whatever is most comfortable for you. You can find out more about our selling service here.