Cut in Stamp Duty a major kick-start for the housing market

Today the Chancellor Rishi Sunak delivered his Summer Economic Update in Parliament, under the headline title “A Plan For Jobs”. In this address he announced a range of measures to support workers, give incentives to businesses, and to boost the UK economy. 

In a major plus for the UK housing market, the Chancellor announced that the nil-rate band for Stamp Duty was being raised from £125,000 to £500,000 until 31 March 2021. This means anyone purchasing a main property up to the value of £500,000 (before the end of March next year) will not pay a single penny in Stamp Duty. To give you an idea of what this means in terms of savings, on a purchase price of:

  • £200,000 – a saving of £1,500
  • £300,000 – a saving of £2,500
  • £400,000 – a saving of £7,500
  • £500,000 – a saving of £15,000

With estate agents now reopened and the housing market starting to move again, we think today’s news should see the pace pick up even further over the coming weeks and months, for buyers and sellers alike.

If you’re looking to buy property in the near future and want to take advantage of the deal on Stamp Duty, get in touch with us to discuss your mortgage options.

Even if it’s not the time for you to move, now is still a fantastic time to review your current mortgage situation. In a time of historically low borrowing rates, speak to us to see how much money we can save you on your current mortgage payments, or how many years we can take off your current term.