Stamp Duty Extension

15th March 2021

Stamp Duty Extension

As part of the spring budget on 3 March 2021, Chancellor Rishi Sunak announced that he has extended the stamp duty holiday by a further three months until the end of June.

The scheme was introduced to help buyers who might have taken a financial hit because of Covid-19 and it was also a further incentive brought in to boost the property market after the first lockdown.

It sees stamp duty cut on all properties below £500,000 and a tiered reduction on properties over this value, means that buyers need to exchange and complete before 30 June 2021 in order to receive this considerable saving.

However, for purchases up to £250,000 – double its standard level – there will also be no stamp duty to pay until 30 September 2021, meaning that it will only be from 1 October 2021 that stamp duty will resume to its pre-Covid level, with stamp duty being payable on properties over £125,000.

If you are thinking of selling or making that move, the stamp duty saving means that now is the time to do it. To have your property valued, telephone us on 020 8940 2233 or email sales@major-estateagents.com. To view our properties that are currently for sale, visit: www.majorsonphipps.com/properties/sales#list