What does the long awaited stamp duty holiday mean for you?

Now it’s finally here, the Attwells team takes a look at what the long–awaited Stamp Duty holiday means for the post-lockdown housing sector, following Chancellor Rishi Sunak’s Wednesday mini-budget.

How does the stamp duty holiday work?

The Stamp Duty temporary reduction, dubbed a ‘holiday’ by the media, was amongst the various measures laid out by Chancellor Rishi Sunak in his mini budget.

In the awake of Covid-19 many housing market observers have suggested a stamp duty reduction would be required to invigorate the property market, which contributes over £101b to the UK’s economy each year according to the British Property Federation (BPF).

With the Government supporting this view Stamp Duty has now been reduced until March 2021 for those purchasing a property worth £500,000 or less. It is hoped that this move will allow the property market to recover from the lockdown period and along with other measures such as the Green Home Improvement Grant Scheme, will help to revise the UK economy.

Who will benefit from the stamp duty holiday?

New data published by Halifax this week has shown that house prices have fallen consistently since March, the first time this has happened since 2010. Industry experts are hopeful this adjustment to the tax will encourage those nervous about buying or selling their home to proceed.

Particularly second time buyers who would not have benefited from the first-time buyer stamp duty relief but will benefit from the stamp duty holiday.

To help support second time buyers Attwells Solicitors offer a Move Ready Conveyancing Service. This allows second time buyers to undertake the bulk of their legal paperwork prior to put their house on the market, at no extra charge.

As a result, your sale is less likely to fall through and your move is likely to occur considerably faster. Ideal for those desiring to move before their children return to school.

The Stamp Duty Holiday will also be welcomed news for those seeking to increase their property portfolio as the measures also apply to Company Buy to Lets, Landlords and Property Investors, who if purchasing a property at £500,000 or less will be entitled to what is effectively a 3% tax cut. This could potentially save property investors up to £15,000.

Attwells’ innovative and fast–moving conveyancing packages are ideal for acting fast in the current Stamp Duty holiday window. If you’re buying or selling contact Attwells today to find out how they can make it quick and pain free.