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Stamp duty holiday was introduced last 8 July 2020 and was set to run until 31 March 2021 in a bid to get the property market moving again amidst lockdown due to the Covid-19 pandemic.
The stamp duty holiday entitles first-time homebuyers, or buyers moving up or down the housing ladder to an exemption of tax on the first £500,000 on residential properties in England. These stamp duty holiday rates: 0% up to £500,000; 5% on the portion from £500,001 to £925,000
Will the stamp duty holiday be extended?
After more than 130,000 people signed an official petition to extend the tax break until September 2021, last 1 February 2021, the government held a virtual House of Commons session. As all petitions must be considered for debate in parliament once the signatures reach 100,000.
The Times has reported on Wednesday, 24 February 2021 that Chancellor Rishi Sunak is preparing to extend the stamp duty holiday until the end of June 2021. This is an attempt to boost the property market as England emerges from lockdown.
What Does this mean for property buyers?
The three-month extension could help thousands of property purchases in England. About 300,000 property purchases in England could be helped from this stamp duty holiday extension.
Although, it is not yet confirmed if the extension will be applicable to all purchases or would be on a different basis and applicable only to those agreed before an earlier day.
On March 3, Chancellor Sunak will announce the new deadline on his budget statement. The extension of the policy could cost the treasury around £1bn
If you are planning to move, Bluestone Properties is a estate agency in south London. We cover south London and surrounding areas. If you need our help, feel free to contact us at 0208 355 3405, visit our website www.bluestoneproperties.co.uk
