If your buying a property worth up to £500,000 until 31st March 2021 then the good news is, you don’t have to pay any stamp duty with immediate effect! This could save you up to £15,000 – Wow! However, if you live in Scotland or Wales, given stamp duty is a “devolved matter”, you will still have to pay the tax.
Imagine living on Boundary lane in Saltney you could now save up to £15,000 whereas your neighbour will have to pay it! I guess that’s the price for your free prescriptions?
Why is the Government doing this? Simple really, in the wake of the Covid-pandamic, house transactions collapsed as demand dried up. You may think this collapse in demand just effects businesses like estate agents and solicitors but house buying is a huge driver of confidence and as first-time buyers enter the market it allows others to “trade up”. When people buy a home, they also then go on a buying spree and will look for new carpets, new white goods, paint, furnishings and maybe even a new kitchen or extension. Therefore, a dull market has a huge ripple effect into other sectors.
Want to take advantage of this temporary cut in stamp duty – get in touch with your local experts now and build your very own Financial Fortress!