STAMP DUTY CUTS ARE WELCOME NEWS FOR THE HOUSING MARKET
The temporary cut, announced as part of the chancellor’s emergency mini-budget, comes into effect immediately and will last until 31 March 2021. The threshold for paying stamp duty previously stood at £125,000.
The chancellor said the move will benefit nine in ten homebuyers, slashing £4,500 off the bill for the average purchase, to help boost the property market and help buyers struggling because of the coronavirus crisis.
Patrick McCutcheon, head of residential at Yorkshire estate agent Dacre, Son & Hartley, which operates 20 offices, said: “The property market has enjoyed good momentum since our return from lockdown at the end of May, with good activity across the majority of price sectors.
“But with the looming threat of job cuts and a clear and present risk to the economy, the incentive of raising the threshold for paying stamp duty from £125,000 to £500,000, is very welcome and should keep the present momentum rolling.”
For further details contact your local Dacre, Son & Hartley office.
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