Date Published 17 July 2020
Stamp Duty Changes 2020 - What it Means For You
If you're thinking about buying a house any time soon, you'll be happy to learn about the new Stamp Duty holiday that was announced by Chancellor Rishi Sunak on 8th July.
The new waiver means that if your new property is under £500,000, you won't pay a single penny of stamp duty. Around 9 out of 10 people jumping on or moving up the property ladder will be exempt from stamp duty this year as a result.
The move is intended to help buyers who have been financially affected by the coronavirus pandemic, and to also boost the UK's property market.
How has Stamp Duty changed?
Before the announcement, there was no Stamp Duty on properties costing up to £125,000. Buyers paid 2% on any amount between £125,001 and £250,000, and 5% on any amount between £250,001 and £925,000.
This means that purchasing a £500,000 property before the Stamp Duty holiday would have set you back an extra £15,000. Now, you pay nothing!
What if I'm buying a second property?
If you're planning on purchasing an additional property for yourself or as part of a buy-to-let, you will still have to pay a 3% ‘additional homes levy' on top of the revised rates for each band. But ultimately you will still save more than you would have done previously!
This does not apply to mobile homes, caravans or houseboats, as these are exempt from stamp duty.
When will the Stamp Duty holiday end?
The Stamp Duty holiday is due to end on 31st March 2021, so buyers will have just eight months to find a new property and not pay Stamp Duty on anything up to £500,000.
Find your dream home with Marshall Property
As one of the top estate agents in Liverpool, we're here to help you make the most of this great opportunity. Nearly all of our properties are exempt from Stamp Duty, and we're sure the perfect one is waiting for you.
Browse our full range of available homes or get in touch with us directly today.