9 July 2020
With pent up demand gathering pace over the past few weeks from would be house movers, the announcement yesterday regarding a stamp duty holiday starting immediately (8th July) could be just the tonic the housing market needs.
On all completed house purchases up to the purchase price of £500,000 until the 31st March 2021 there will be zero, yes zero stamp duty tax to pay (subject to the purchase being your main home and not an investment or 2nd home). For the majority of home movers, this will save thousands of pounds, which could bring your dream home that much closer to becoming a reality!
The removal of stamp duty will make buying a home more attractive (and affordable!) for anyone perhaps thinking about it, or those that were planning on buying prior to the Covid-19 pandemic, that have since had a change in their affordability will now be able to revisit the situation and reassess their ability to buy.
Joint Managing Director, Jim Doerr, commented on the news "This is a shot in the arm to the housing market and to see the government taking some very positive action in helping homebuyers is a welcome relief. The news on stamp duty will provide many homebuyers with a much needed helping hand.’
He went on to say ‘The housing market is extremely important to the wider economy as a whole and together with low interest rates, this could make a real difference to a lot of people. We always hear comments from buyers that there are certain aspects of a home they buy that they want to change, whether that be the kitchen or décor or knocking a wall through to make a brighter living space, this saving on stamp duty tax will now allow a lot of people to be able to afford to do those changes without waiting and saving and that means people spending money in the wider economy which will help the country get back on an even keel.’
You can contact any of Goadsby’s offices to start your search for a home or browse here on our website to get ahead of the game. Goadsby offer free valuations 6 days a week and are here ready to take your call.
Please CLICK HERE for more information about Stamp Duty Tax.