Confused about what the stamp duty holiday may mean for you and your purchase? We are here to help breakdown what the new government incentive means and how much you could save.
In a bid to boost the property market the government have announced a temporary holiday on stamp duty on the first £500,000 of all property sales in England and Northern Ireland until March 2021 and this is already having an impact on the whole property market.
To help you understand what the stamp duty holiday means we will answer your most frequently asked questions:
How much will I save?
The Chancellor said in his statement that the stamp duty holiday would mean the average stamp duty bill would fall by £4,500 and that nearly nine out of ten people buying will pay no stamp duty at all.
This is true for anyone completing a main residence costing up to £500,000, with the properties above to be taxed on their value above that amount.
Put simply, the more expensive the property that you’re buying, the higher the stamp duty would have been – so the more you spend on your property before March 2021, the more you can save!
Why not take a look at some of our favourite £500,000 properties.