On Wednesday 3rd March 2021, the Chancellor confirmed during the budget announcement the extension to the stamp duty holiday until 30 June 2021. Furthermore, there would be a staggered period before the stamp duty returned to its normal rate.
From 1 July 2021 to 30 September 2021 the first £250,000 of the purchase price will not have stamp duty liability. The next £675,000 would be taxed at 5%, and the £575,000 after taxed at 10%. The remaining amount would be taxed at 12%.
From 1 October 2021, there will be a return to its usual rate where only the first £125,000 will have nil stamp duty.
This will see a continued boost to the property market.
If you are looking to sell or buy a property please call and speak to someone in our Conveyancing team on 0207 228 0017.