Today, the Chancellor announced the news that the housing market had been anticipating. Rishi Sunak has temporarily suspended Stamp Duty for house purchases up to £500,000 with immediate effect.
Whilst sales are buoyant and buyers are confident, there is concern from the government that the middle to lower levels of the market is where there could be drops in confidence, and therefore drops in buyer levels. Further to our post earlier, we have seen no sign of this in Coulsdon and Purley, and buyer confidence remains high currently.
The Details: Temporary removal of Stamp Duty with immediate effect for houses purchases up to £500,000 until the 31st March 2021.
The Savings: at £250,000 the savings will amount to £2,500, whilst at £500,000 and above, buyers will save a substantial £15,000.
The Impact: Around 73% of all property sales nationally will now be temporarily exempt from Stamp Duty charges, with house purchases up to £500,000 generating no charge. This will mean 9 out of every 10 people buying a main home pay no Stamp Duty.
What this means for you if you’re a buyer:
Great news - you could save up to £15,000 on your next purchase!
What this means for you if you’re a seller:
A more buoyant market and high buyer confidence means you have the potential to sell quicker and for a higher price. Although it should be noted that artificially increased pricing due to demand is not sustainable long term.
Want to know more about how this move could affect you personally? We’d love to help you. A confidential chat will help you make the right decisions for you and your family – just give us a call on 020 8660 6674 or email me directly on toby@walterandmair.co.uk. Hope to speak soon.
Toby
