Since the Chancellor announced that from 8 July, the stamp duty threshold will be temporarily raised from £125,000 to £500,000 in England and Northern Ireland, Hayman-Joyce have seen a huge increase in sales.
The measure is aimed to help revive the housing market as lockdown eases and our clients have certainly made the most of the window of opportunity that it brings.
We ask, what does it mean for you? In brief:
– The stamp duty holiday will run from now until 31 March 2021.
– Sunak’s new measure means that buyers will only start to pay stamp duty on property above £500,000.
– This will be for people buying their first home, or moving up or down the housing ladder.
– The new holiday rates are:
Up to £500,000: 0%
On the portion from £500,001 to £925,000: 5%
On the portion from £925,001 to £1.5m: 10%
Above £1.5m: 12%
This is a real window of opportunity for sellers and we invite you to make the most of the stamp duty holiday and call Hayman-Joyce if you’d like to sell – or buy – your home.