Stamp Duty Land Tax Freeze for sales in England and Northern Ireland 

Stamp Duty threshold has been raised in England and Northern Ireland to £500,000 until 31 March 2021.  

On the 8 July 2020, the UK chancellor announced a Stamp Duty Land Tax freeze for the first £500,000 of all property sales in England and Northern Ireland. Therefore, the Stamp Duty threshold has been raised from £125,000 up to £500,000. 

This temporary Stamp Duty Land Tax holiday applies to completions taking place between 8 July 2020 to 31 March 2021.

For more buyers of expensive properties, this means that no tax is payable on the first £500,000 or their value.

Residential Property in England and Norther Ireland SDLT rates from 8 July 2020 to 31 March 2021

The Stamp Duty Land Tax relief will certainly improve the sentiment and help boost the housing market by unlocking more transactions involving homebuyers, housebuilders an buy-to-let investors.  It will prompt hesitant buyers to get active and engage again increasing search activity through the rich London housing market offerings.

Foreign buyers should take this opportunity before the new 2% foreign buyer surcharge takes effect from April 2021.

As for the first time buyers, the industry leaders estimate that in the SE of England, the proportion of first-time buyers paying no stamp duty at all on their purchase will increase from 65.2% to 96.6%.

For the latest from Chase Evans’ rich selection of property available for less than £500,000 check out our website HERE 

For more choice including new homes in Central and Greater London area, get in touch with one of Chase Evans Sales