In a bold move to kickstart the housing market, Rishi Sunak, has increased the nil rate band for when stamp duty is paid from £125,000 to £500,000 for all main homes.
This cut will start immediately and be in place until the 31 March 2021. He has estimated that it will benefit 9 in 10 homebuyers, saving in the region of £4,500 on the average house purchase.
Currently, stamp duty is not charged on the first £125,000 of a property’s selling price, with a 2% rate up to £250,000 and 5% on the next £675,000.
MD and Financial Adviser, Steve Balmer said: “This is a fantastic opportunity for anyone looking to buy a new home. Many people may have had to move back in with family during the lockdown period and may be desperate to find their own space. Removing this added cost of purchasing a home could be the added boost they need.
“Our team at David Allen Financial Services can provide whole of market mortgage advice, all aimed at taking the hassle out of the house buying process. You find the house, let us do the rest!”
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