The Chancellor Rishi Sunak increasing the threshold from £125,000 to £500,000, effective from today until 31st March 2021. He said the average stamp duty bill will fall by £4,500, with 9 out or 10 house buyers paying no stamp duty at all! Watch the announcement from Sky News
This means there are no stamp duty fees for properties under £500,000.
First time buyers are already exempt from paying stamp duty on houses below £300,000 in the UK and £500,000 in London. However, if you are looking to move house soon then take advantage of this opportunity to either save some money or step up a rung in the property ladder.
Talk to us! We fully understand the financial importance of buying and selling property. But we also understand that first and foremost moving is about what will suit individuals best for their particular lives. So as always, we are dedicated to offering the best advice for YOU, not the market.
Now that you don’t need to worry about stamp duty, you may qualify for a better mortgage rate with a larger deposit; or you could just spend it on a new kitchen! Seddons have teamed up with Chris Burton to offer landlords, buyers and sellers the option of over 11,000 mortgages from 90+ lenders. Chris is part of the Mortgage Advice Bureau, one of the UK’s leading providers of expert, face-to-face, financial and mortgage advice on the high-street.