What's stamp duty?
Stamp Duty Land Tax (SDLT) is a tax added on all land transactions in England, Wales and Northern Ireland.
Currently, property buyers must pay Stamp Duty Land Tax if they buy a property or land over £500,000.
The Government's extended stamp duty holiday means that there will be no stamp duty payable on the first £500,000 of all property purchases in England and Northern Ireland until the 30th June 2021. After that the rates will change so that properties below £250,000 will be stamp duty free until 30th September 2021, and thereafter the normal £125,000 threshold will apply.
This is for both first time buyers and those moving home.
For example, if the property is worth £350,000.00 the buyer will pay £0.
If the property value is £650,000 the buyer will pay 5% (£7,500) on £150,000
Thinking of turning your home into an Airbnb?
The restrictions on overseas travel has seen a race for UK holiday accommodation. Where property owners look to make money from ‘staycations’ by offering their homes on sharing platforms such as Airbnb, the ease of letting does not take away the responsibility to understand and keep up with relevant rules and regulations.
What does the Stamp Duty holiday mean for the property market and you?
Looking back to the start of 2020 the UK housing market looked strong, with Nationwide reporting a 14-month high in property values. A 1.9% increase on the same time the year before, and an average price of £215,897.