The chancellor has announced a temporary holiday on stamp duty on the first £500,000 of all property sales in England and Northern Ireland.
For people who have bought a home before, stamp duty rates are 2% on £125,001-£250,000, 5% on £250,001-£925,000, 10% on £925,001-£1.5m, and 12% on any value above £1.5m. That means any property purchases below the new level will not need to pay stamp duty as long as the deal is completed before 31 March 2021.
Chancellor Rishi Sunak said:"The average stamp duty bill will fall by £4,500. And nearly nine out of 10 people buying a main home this year, will pay no stamp duty at all."It is effective immediately from Wednesday and will last until 31 March next year.However, critics worry it could encourage people planning to buy next year to accelerate their plans to take advantage of the tax break, leading to a potential property demand slump when the stamp duty holiday is over.
We were offered a £4000 incentive from Wainhomes to buy. We asked for it as a contribution to stamp duty. They won’t let us swap to a different incentive so Wainhomes will now save millions, the buyers still have to buy with no incentive as promised! BBCWatchdog
Someone buy my house for 499,999.99 so I can go back home to Australia.
I've just logged on to check the new build I'm ready to buy is still available to find a sudden £5,000 increase in price. Too good to be true springs to mind. Absolutely disgusted 🤬
Should be cancelled full stop! I’ve already been taxed on my income and will pay tax on everything I buy to put in the house. Why should the government get thousands off me for buying a property at all?!
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