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Stamp duty holiday: How much could you save?

The government’s decision to temporarily increase the stamp duty threshold to £500,000 for property sales in England and Northern Ireland, until 31 March 2021, will save purchasers up to £15,000, if they are buying a property of £500,000 or more.

Anyone acquiring a main residence costing up to £500,000 between now and 31 March will not pay any stamp duty, and more expensive properties will only be taxed on their value above that amount.

BTL landlords will also benefit from the revised lower rates, but will still be required to pay the 3% surcharge for additional properties, including buy-to-let homes. So acquisitions of properties values up to £500,000 will attract a 3% stamp duty bill.

Becky Munday, founder of Munday’s estate agents, commented: “We welcome changes made by the chancellor to stamp duty, this will certainly be a lifeline to the industry as buyers will be further incentivised to buy, and to buy now.” 

 

The decision to temporarily cut stamp duty is aimed at helping buyers who have taken a financial hit because of the coronavirus crisis.

It is also intended to stimulate the struggling housing market. 

Mark Arnold, CEO, Kensington Mortgages, commented: “If the housing market is working properly, that has a massive impact on the rest of the economy – so this potentially is a big boost. A stamp duty holiday is a huge market change and this has never happened before.” 

Nationwide Building Society has analysed the stamp duty changes and calculated how much property buyers could potentially save regionally. 

Region

Average House Price

Potential Stamp Duty Saving for property buyers

England

£258,178

£2,908.88

North West

£170,216

£904.32

South West

£251,392

£2,569.60

London

£475,448

£13,772.40

Outer South East

£282,936

£4,146.80

Yorkshire & H’side

£162,870

£757.40

Outer Met

£364,529

£8,226.45

East Midlands

£187,812

£1,256.24

East Anglia

£230,652

£2,113.04

West Midlands

£194,577

£1,391.54

North

£129,505

£90.10

Northern Ireland

£143,437

£368.74

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