Published: 08/07/2020On 8 June 2020 the Chancillor, Rishi Sunak, announced a stamp duty holiday for the first £500,000 of all property sales.
The temporary reduction in rates applies to all purchases from today until 31 March 2021.
Although the move is primarliy designed to help home movers, it also benefits Landlords or anyone buying a 2nd home. Those in this category still have to pay 3% in SDLT up to £500,000 but lose the base rate SDLT that was applicable previously.
The most recent change to stamp duty in 2018 saw a break given to first time buyers with no SDLT being payable on purchases up to £300,000. The new rules replace the £300,000 limit for first time buyers as well levelling the playing field for all other home movers.
This is great news for the housing market as a whole. Transaction levels will increase and house prices are more likely fare better through the winter as a result of this move.
You can see the details of the new SDLT rates here on the government's website.