Exclusively Statons - Stamp Duty Update - July 2020
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Stamp Duty Update: What you need to know!
Following the Chancellors announcement on Wednesday, there has been a flurry of enquiries from both buyers and sellers asking how changes to stamp duty will affect them.
So what's changed?
The media report the change as a 'Stamp Duty Holiday', and in essence, that's exactly what it is.
From the 8th July 2020, there is a temporary holiday on stamp duty for the first £500,000 on all property sales in England and Northern Ireland. This remains in place until 31st March 2021.
It's important to remember that this affects all property sales that complete within the period and given the sometimes complex and lengthy amounts of time property transactions can take, this not that long away. So if you do intend to take advantage, now is the time!.
What are the savings?
Properties of £500,000 and over will save £15,000! That's £15,000 in your pocket and not in the Chancellors, so it really is worth moving sooner rather than later if it's in your mind to do so.
Are there savings on lower-priced properties?
Yes! A property sale at £300,000 saves £5,000
A Property sale at £400,000 saves £10,000
I read in the news that the property market is poor at the moment, is this true?
Certainly in North London and Hertfordshire that is not the case, from the beginning of 2020, Jan and Feb, the market was extremely active, even during lockdown our enquiry levels were much higher than average. Since the easing of the lockdown, the market has returned stronger than ever, and with the stamp duty holiday, we anticipate this to continue.
I'm concerned about marketing my home when Coronavirus is still active.
Our primary concern is for the safety and wellbeing of our clients and staff, so we will continue to closely follow the government guidelines. These ensure, as much as is reasonably possible, a safe working environment for our staff and visitors alike.
We have prepared clear guidance and working procedures should we be invited into the homes of our clients to carry out viewings or market appraisals. We are happy to share this information, should you require clarification, please email directly - Contact us
It's a Virtual World
You may remember from our previous emails that we have been offering both market appraisals and view appointments virtually, by video from your smartphone. If you would prefer to communicate virtually we are happy to continue to offer this service. To arrange either please contact your local office.
As always, If you would like to discuss your property requirement directly please email us - Contact us
Our TOP TEN properties that benefit from the stamp duty holiday. If you have a wish list for your ideal property, let us know and we'll put together your very own top 10.Our TOP TEN properties that benefit from the stamp duty holiday. If you have a wish list for your ideal property, let us know and we'll put together your very own top 10.
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