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An Update on Stamp Duty

Ruth Flinn

09 July 2020

A welcome stamp duty holiday until 31 March 2021 has been announced as part of a packet of measures to stimulate the economy.

The stamp duty threshold at which you begin to pay stamp duty has been increased to £500,000.00 for first time buyers and those immediately replacing a main residence . If you are purchasing a second property or not immediately replacing a main residence then the 3% threshold has been extended to £500,00.00. The changes are effective immediately and can amount to significant savings.

This is undoubtedly a boost, but with a squeeze on the availability of mortgages requiring a deposit of less than 10%, it remains to be seen whether this will be a great stimulus to the housing market.

If you are thinking of buying or selling then please contact Ruth Flinn at rflinn@fhanna.co.uk or call the office on 028 9024 3901 to receive a no obligation quotation.