The stamp duty holiday has been granted to home buyers in England and Northern Ireland to help revive the property market, which saw a full Coronavirus pandemic during spring and some of summer in 2020. The scheme took effect on 8th July 2020 and will continue to apply until 31st March 2021. The stamp duty holiday offers a relief from stamp duty in different capacities depending on the purchase price of the property. Below is a guide of how much stamp duty is charged depending on the value of the property:
- Up to £500,000: 0%
- On the portion from £500,001 to £925,000: 5%
- On the portion from £925,001 to £1.5m: 10%
- Above £1.5m: 12%
These price bands will remain unchanged throughout the stamp duty holiday. Properties under £500,000 are exempt from stamp duty for the duration of the stamp duty holiday, which makes it the ideal time for first time buyers to get their foot on the property ladder. Sellers will also be able to benefit as there will be an influx in potential buyers, thus increasing the chances of the property being bought sooner.
The head of sales at Hyde & Rowe has reported a significant increase in buyer enquiries and Hyde & Rowe has been carrying out valuations and viewings non stop. We have also doubled our sales team since pre-lockdown, which is in itself an amazing indicator of growth at the company. The team at Hyde & Rowe has continued to deliver to vendors and buyers throughout lockdown, using strategies such as remote viewings via video chat or sending videos as well as unsupervised viewings to reduce the chances of the spread of the coronavirus. This has rewarded ourselves and our clients as we were still able to sell properties throughout lockdown.
If you are looking to sell your home or you are actively buying, we will be happy to help. You can get in touch with us on 020 8686 1799 or drop a line to [email protected]. Our opening times are 8.30 am to 6.00 pm Monday to Friday and 9.00 am to 4.00 pm on Saturdays. The team at Hyde & Rowe look forward to hearing from you.