Stamp duty holiday for homes up to £500,000
Great news for home buyers, you will now pay zero stamp duty on any home that costs up to £500,000 in England until 31 March 2021.
Following the Government announcement, stamp duty is now only payable on homes over £500,000 in England. It means that on a home priced less than £500,000, you'll pay no stamp duty at all.
This not only applies to first time buyers but also to those who already own a property and want to move up the ladder or those looking for a second home*.
For the average buyer purchasing a £300,000 home, we've estimated it will save them £5,000 in stamp duty.
Combined with current low interest rates of just 0.1% - now is a great time to buy and you could own a new home sooner than you thought!
*These changes apply to purchases in England and Northern Ireland. People buying second homes and buy-to-let properties will still have to pay the 3% extra stamp duty due on the entire price.