Stamp Duty Holiday - July 2020
Buyers purchasing new homes in England will save hundreds or even thousands of pounds thanks to the Stamp Duty Holiday announced today.
The levy will not be charged on properties up to the value of £500,000 until March 31st 2021.
This will remove the existing Stamp Duty Tax bands of 2% or 5% (depending on the property’s value) which traditionally adds several thousands of pounds to a purchase.
Scrapping this tax will save, for example, around £2,460 on a property worth £248,000* (the average cost of a house in the UK) over the next eight months.
In his statement, Chancellor Rishi Sunak said: “The average stamp duty bill will fall by £4,500. And nearly nine out of 10 people buying a main home this year, will pay no stamp duty at all.”
The change comes into effect from midnight tonight July 8, and will run until next Spring.
Gill Richardson, Russell Homes sales manager said: “This is absolutely fantastic news for home buyers, saving them hundreds if not many thousands of pounds on their property purchase.
“People often forget about Stamp Duty when considering what they have to spend on their new home, and it can come as an unwelcome surprise which impacts on their choice of property.
“Scrapping this charge will put the cash straight back into people’s pockets and will hopefully help improve confidence for buyers who may have been cautious about making the move.
“And, when combined with the Help to Buy scheme which asks for a minimum 5% deposit and provides a loan of up to 20%, there really has never been a better time to buy a new build home.”
And Andrew Russell, Russell Homes director, added: “Buyers will benefit hugely from this Stamp Duty Holiday. It is also a very welcome measure to encourage home purchases which will help to support the housing sector, which provides around 750,000 jobs in the UK every year and is an important catalyst for the wider economy.”
To see how much money the Stamp Duty Holiday could save you when purchasing a Russell Homes property, please contact our sales team on firstname.lastname@example.org
- Example savings