What did we learn from the Budget?
The Government confirmed an extension to the current stamp duty (SDLT) holiday, which was due to expire on 31st March. The changes mean that anyone that buys a main home before 30th June 2021 will pay no SDLT up to £500,000. If the property is priced over £500,000 they will only be taxed on the excess amount. This equates to a saving of up to £15,000.
Zah Azeem, Partner at Wimbledon based surveyors says, “If you are thinking of buying competition amongst buyers for properties will increase as the stamp duty holiday offers a strong incentive to buy before the summer. It’s going to be another busy three months.”
Anyone that buys a main home between 1st July and 30th September 2021 will pay no SDLT up to £250,000 and will only be required to pay tax on the amount over this figure. This equates to a saving of up to £2,500.
Those buying a second home or investment property will also benefit from the SDLT holiday but will still be required to pay the 3% stamp duty surcharge for second homes.
From 1st October, basic rate SDLT will revert to the pre-Covid levels.
In addition, from 1st April a 2% surcharge will be added to the SDLT rates applied to buyers from outside of the UK.
If you are thinking of selling Chestertons Estate Agents expect an increasing number of buyers to enter the market following this news, which would push up demand for properties and impact prices. You might like to contact them to see how much your property could be worth in the current market.
If you would like to discuss something related to a valuation here in Wimbledon please contact Zah via email at email@example.com or call 020 8947 7040.