Leeds-based house buying company 321Move offer advice on the latest government initiative and offer free resource to navigate property sales in the coming months.
In his Summer Statement, Rishi Sunak has announced that there will be no stamp duty to pay on property purchases worth up to £500,000 before 31st
March 2021. So, what does this mean for UK house buyers?
Stamp duty is an unpopular tax among house buyers; the fee would begin at £125,000 for homes in the UK. This means that if you bought a home costing £200,000, you would pay £1,500 in stamp duty. However, the tax exemption will see around 89% of homes across England eligible for the scheme. This is a huge increase of 73% prior to the stamp duty holiday.
This means that if you purchase a home for £500,000, you won't have to pay any stamp duty, which will save you £15,000.
First time buyers in Leeds will see little benefit of the stamp duty exemption. However, it is expected that those in the South-East and London will benefit as house prices tend to exceed £300,000. This will benefit second-home buyers and landlords in particular.
Property experts at 321Move commented: ‘The cut in stamp duty benefits existing home-owners as the saving is likely to be capitalised into house prices. We hope that the new measures will stimulate the property market and wider economy.’
For more information and advice on UK property sales, 321 Move are offering a free resource; checklist for selling a house
321 Move are a house buying company that offer to buy your house within 14 days.
More information on house sales can be found via their website: 321move.co.uk