08 Feb 2021

Stamp Duty Savings

In September 2020, Rightmove estimated that there was a 40% increase in house sales versus the same time the year before.

These statistics are not too surprising. Despite the ability to view homes being restricted on occasion by lockdowns, and when allowed being subject to the social distancing rules and the now familiar masks and hand sanitations, the temporary relief on stamp duty has stimulated the market.

In July 2020, the chancellor announced a stamp duty holiday, for all purchases up to £500,000 to be exempt from this tax until 31st March 2021. (3% excess on second homes still apply)

As of Mid-October 2020, the stamp duty saving across the UK was £108,126,686. And this is estimated to be as high as £524.9 million by the time the exemption ends.