Good news for the property market!
Chancellor Rishi Sunak's extension of the stamp duty holiday is confirmed for properties of up to £500,000 for a further three months - This news will certainly be received well by property buyers, and a further huge boost to the property market.
The stamp duty holiday runs until 30 June, then applies only on properties up to £250,000 until the end of September. The pre-Covid level of £125,000 is set to return in October.
Buyers can save as much as £15,000 on a purchase price of £500,000 and with lockdown showing signs of easing and the early summer months often a favourite time for property hunters, it's likely to be a busy time for buyers, sellers...and estate agents.
There is always a possibility of the Government 'tapering' the arrangement at the end of the window to avoid last-minute deals missing out.
Sunak said, 'The cut in stamp duty I announced last summer has helped hundreds of thousands of people buy a home and supported the economy at a critical time. But due to the sheer volume of transactions we're seeing, many new purchases won't complete in time for the end of March.'