A 2-minute read.
The Chancellor Rishi Sunak has announced sweeping changes this afternoon around Stamp Duty which is excellent news for anyone thinking of buying a home In the West Midlands.
Stamp Duty is a tax applied when you buy a property and the announcement that there will be a payment holiday starting immediately means homebuyers will save thousands of pounds.
The Government has raised the stamp duty threshold to £500,000 for all buyers until March 31st, 2021.
That means property purchases below £500,000 will not need to pay ANY stamp duty.
On average that will save homebuyers at least £4500 according to the Chancellor, also meaning 9 out of 10 people will pay no Stamp Duty whatsoever while the holiday lasts.
The move has been welcomed by home buyers and across the property industry. It is being seen as a step on the path to getting the West Midlands and the UK’s economy firing on all cylinders again.
What it Means to You
You’re most likely thinking ‘how much could I save when buying a new property now?’
Well, the more you pay for a property during the Stamp Duty Holiday – up to the new £500,000 threshold – the more you can save.
For example, according to the BBC, if you bought a house for £275,000 before today’s announcement, the Stamp Duty you’d have to pay would be £3,750.
What does it mean for the West Midlands property market?
We’ve already seen a lot of interest in the property market since lockdown was relaxed.
This move by the Government will keep the positive momentum going and help the broader economy.
This is because when people move, they often spend thousands of pounds doing up their new home to suit their lifestyle and tastes.
The change also means now is a great time to put your property on the market as we’re expecting a surge of buyers looking to make their move while they can save a large chunk of cash.
What we’re doing to help buyers and sellers
We’re primed and ready to take your calls and answer any questions you have around the new Stamp Duty changes.
So, if you are thinking of selling in 2020 now is the perfect time thanks to this news.
Thanks for reading.
The team at Bayzos