Date Published 08 July 2020
Chancellor Rishi Sunak has this afternoon announced in his Summer Statement a significant boost to the housing market.
Stamp Duty Land Tax is payable by people buying a property. Rishi Sunak has confirmed that the government are increasing the lower Stamp Duty threshold from £125,000 to £500,000, thus saving buyers many thousands of pounds on a property purchase!
This incentive is effective immediately, and will run until 31st March 2021, so for those of you considering buying you will benefit from potentially large saving provided your purchase completes prior to this deadline.
So for a property such as Huccaby Close in Brixham (pictured) which is newly to the market this week with an asking price of £490,000 there will now be no Stamp Duty payable by the buyers, saving a massive tax payment of £14,500 !
If you were thinking of moving, then please ask us for a NO OBLIGATION free property valuation, and let us see if we can get you moving and take advantage of this incentive on your onward purchase!
Want to know more about how this change will affect you?
Give us a call for some help and advice:
Torbay 01803 611420 & Teignbridge 01626 240229
*Based on our current understanding of the new tax rules.