Chancellor Rishi Sunak has announced today that he will increase the Stamp duty threshold from £125,000 to £500,000 immediately until March 31st next year to re-invigorate the housing market and help the UK recover from the consequences of Covid-19.
The stamp duty holiday for properties under £500,000 will take effect immediately and be applied to all residential purchasers including first time buyers, second stoppers and those who are looking to downsize. These measures will enable people looking to buy a home to have the confidence and stability to be able to move forward with their purchase, which in turn will have a knock on effect on the wider economy as people look to spend the savings on white goods and furniture.
David Phillip said “The most likely impact of this measure will be a flood of buyers coming to the market who previously had sat on their hands and waited to sell their homes due to political and economic uncertainty. This flurry of activity will bring with it price rises too as demand outweighs supply and also be a stimulant for those property owners looking to sell”
So, if you are looking to sell your home, which will enable you to take advantage of the six month stamp duty savings on your next home and want to use an agent that has:-
- Fairer fixed fees to save you money and uncertainty
- Accompanied 3D virtual tours – the viewer on the screen, we’re on the screen and the property is on the screen too
- Uses site plans as the gardens are as important as the property
- 5 star reviews on all Agents and Google
- A fresh and relevant database
Call David Phillip now on 01134 676 400 and if you have any questions around the stamp duty holiday please just call too.
w: davidphillip.co.uk a: 86, Leeds Road, Bramhope, Leeds LS16 9AN. E: info@davidphillip.co.uk
