A stamp duty holiday – which will save homebuyers up to £15,000 – is a major boost for home buyers and the housing market.
Linden Homes – part of the newly-formed Vistry Group – has developments across the country, and one of their sales directors says the move will provide valuable support for people looking to move up the property ladder following the coronavirus pandemic.
Chancellor Rishi Sunak this week announced that stamp duty would be paused on the purchase of homes worth up to £500,000 until 31st March 2021.
Prior to the change, housebuyers paid stamp duty on homes worth over £125,000, or over £300,000 if they were a first-time buyer. Anyone purchasing a property worth £500,000 would previously have paid £15,000 in stamp duty but will now avoid the tax altogether.
The chancellor remarked that the average stamp duty bill will fall by £4,500, and nine of out ten buyers buying a main home will pay no stamp duty at all.
Nic Chapman, Regional Sales and Marketing Director, said: “This stamp duty holiday is a welcome measure which will help to get the housing market moving in the right direction again following the lockdown.
“The announcement is great news for all house buyers, but especially for second-steppers, many of whom will now be able to move into a larger property which meets their needs without the added financial pressure of having to pay thousands of pounds in stamp duty.
“With the stamp duty holiday in place for the next nine months and the current Help to Buy Scheme now only available on homes which are completed by 31st December, the second half of this year really is an opportune moment for buyers to make the move to their dream home.
“While the stamp duty announcement is a positive for housebuyers, we appreciate that any changes to the existing rules can be unsettling to those currently going through the purchase process. At Vistry, we are committed to supporting our customers through these changes and our sales teams will be providing clarity and guidance to buyers on what the new rules mean for them.”
|Typical Linden Homes street scene.|
10 July 2020
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