There’s great news for would-be house buyers in England thanks to the Chancellor’s announcement that he is scrapping Stamp Duty on all homes priced under £500,000, saving purchasers thousands of pounds!
Prior to this announcement, Stamp Duty was payable on all homes in England sold for £125,000 or more. Purchasers were required to pay 2% tax 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. First time buyers paid no tax up to £300,000 and 5% on any portion between £300,000 and £500,000.
Following the announcement however, anyone buying a house priced up to £500,000 in England no longer has to pay any tax on their purchase. This will save the average purchaser £4,500 but could save people as much as £15,000!
According to the Chancellor, thanks to this initiative, 9/10 purchasers will not have to pay Stamp Duty.
Anyone currently buying a Piper Home and paying for their own Stamp Duty, but who is yet to Exchange, will also benefit from these changes, with the new rules effective immediately.
These changes to Stamp Duty will only be in place until 31st March 2021 however, so don’t miss your chance to save yourself some money!
If you have any questions, please get in touch with our sales teams who will be able to provide more information and book a private appointment to view one of our show homes. If you’re just starting your house buying journey, we can also put you in touch with our recommended mortgage advisors who can advise on how much money you can borrow and what value house you can afford.
It’s time to start searching for your dream home!