Today Rashi Sunak announced some great news for people looking to move house. With immediate affect there will be a Stamp Duty holiday for all completed house purchases, up to the purchase price of £500,000, until the 31st March 2021.
This means a saving of thousands for most people moving house. Buyers paying £1,000,000 for a house will now save £15,000 in Stamp Duty following the holiday announcement. And for anyone buying a house for £500,000 there will be no stamp duty at all!
The announcement also brought relief for for investors and buy-to-let purchases who will also benefit from a reduction of 3% on the first £500,000 of any property purchase against a previous rate of 6%.
This is great news as it means many buyers will now be able to look at properties that were previously unaffordable, or will now have additional funds available for renovations after they've moved in. It's also a real boost to the investor community to be recognised in this payment holiday.
To find out how much you could be paying before and after the holiday, try our Stamp Duty calculator
For anyone who is thinking of moving, we can provide advice on how best to sell your property as well as give you a free property valuation so you can understand the value of your current property. We are also able to help customers with their mortgage by providing access through Embrace Financial Services.
Customers who are looking for a new property can also browse our current properties for sale.
If you are thinking of moving, book an appointment to start your move today
Find out more about your mortgage options and if we can find the best deal for you.