The Chancellor announced an emergency stamp duty holiday to help revive the property market. Homebuyers will be temporarily exempt from paying the tax for the first £500,000 of any property price, saving them an average of £4,500. The increase in the threshold from £125,000 to £500,000 is effective immediately and will run until the end of March 2021.
This will certainly be a welcome move for everyone involved in the housing market to get the market going again. From our perspective at Winfields we are certainly welcoming this opportunity as it will keep our surveyors busy with the additional survey instructions from this announcment.