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All you need to know about Stamp Duty this year Posted On 05 May 2021

All the dates you need to know for when the Stamp Duty Holiday ends

 

Last July, the government introduced the Stamp Duty Holiday which raised the level at which stamp duty needed to be paid to £500k, effectively removing stamp duty for a large percentage of buyers, however, the deadline of the 30th June 2021 is now fast approaching.

After the deadline, there will be a staggered return to previous stamp duty rates. This means that from the 30th June until the end of September you won’t pay stamp duty on the first £250k of the purchase price.

UK house prices have risen 7.1% over the past year, taking the average property price to £238,381 partly due to the Stamp Duty Holiday as well as the Lockdown Effect – people no longer tied to living near where they work due to homeworking, and the need for more garden and office space at home.

Further to the £250k which buyers won’t pay stamp duty on from July to September, this has actually been raised to £300k for first-time buyers. This, along with the new 5%, government-backed, deposit mortgages will see a further increase in first-time buyers and will keep the property market’s recent boom going.

From 1 October 2021, rates are due to return to normal:

  • £0-£125,000 = 0%
  • £125,001-£250,000 = 2%
  • £250,001-£925,000 = 5%
  • £925,000-£1,500,000 = 10%
  • £1,500,000+ = 12%

Use the government’s Stamp Duty Land Tax (SDLT) calculator to find out how much you would pay.

For any advice regarding your home move, please contact us today.

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