Stamp duty holiday is ‘a great move’
Snowdon Homes director Mike Lee has welcomed the holiday in stamp duty payments announced by the chancellor of the exchequer.
The Government has raised the lower stamp duty threshold from £125,000 to £500,000, potentially saving buyers up to £15,000 on their new homes.
The holiday means anyone buying a property in England between now and April 1 next year won’t need to pay stamp duty if it costs up to £500,000.
“It’s a great move by the Government and one which will hopefully stimulate the housing market moving forward,” Mike said.
“It is obviously good news for home buyers who can now make a significant saving on their new property but also shows the Government sees the housing market as an important factor in reviving the economy after such a hard time.”
The rate for properties from £500,001 to £925,000 now stands at 5% with those up to £1.5m facing stamp duty at 10%. Anything over the £1.5m mark will face duty at 12%.
Buy-to-let investors and those buying second homes will still face a surcharge at all levels including the standard 0% band, meaning their bills will start at 3% up to £500,000.