Stamp Duty has officially been extended to the end of June!
The chancellor was urged to extend the end date for the Stamp Duty Holiday in order to assist those buyers who have encountered delays in the buying & selling process due to lockdown & covid related matters.
This has now been confirmed!
Prior to the Stamp Duty Holiday, the threshold was at £125,000, with any house purchases over that figure incurring a Stamp Duty fee. The Stamp Duty Holiday saw this threshold increase to £500,000, potentially saving home buyers £15,000 in purchases.
The Stamp Duty Holiday was originally introduced on the 8th July 2020 and was originally set to end at the end of March 2021, however now will end at the end of June 2021.
Further to this, to help with the transition back to normal Stamp Duty fees, the threshold will be £250,000 until the end of September, when it will return to the standard £125,000.
It is understood that the Stamp Duty Holiday has positively affected the housing market, with reports that house sales are at an all-time high. In turn, house prices have rose by 4.3% in the past year, which is the biggest annual increase since 2007.
There are approximately 70,000 buyers who were previously going to miss the Stamp Duty Holiday because they agreed sales late last year and early this year. It is expected that this extension could save another 234,000 buyers thousands! In money terms, it is estimated that this extension will save buyers £984 million. This comes from a report on Zoopla by Gráinne Gilmore.
Future Homes are happy to see this extension and are very happy for our buyers who are now going to get the chance to benefit from the Stamp Duty Holiday.
We previously announced that we would cover the costs of stamp duty for all properties at Vincent Place if the extension was not given. This was in a bid to offer our purchasers the chance to feel the benefit as the properties were set for completion so close to the cut-off date. HOWEVER with the extension, we still want to give new purchasers a little something!
That’s why; all new purchases of properties at Vincent Place will come with a £2,000 voucher*! In order to help the buyers fill their lovely new properties. Terms and Conditions do apply with this, get in touch if you want to find out more!
*T&C’s - We will only award vouchers to a first time buyer or home mover, not second/holiday or investment properties. We also reserve the right to withdraw this offer if it is evident that the sale is being progressed slowly by the applicant.
FUTURE HOMES DEVELOPMENTS: