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Stamp duty

The stamp duty holiday will be phased out by

October 1st 2021 but that doesn’t necessarily mean a dip for the housing market!

 

Let’s talk about the Stamp duty cutoff and what to expect.

The average house price has increased by 13% in the year to June, reaching a high of £245,432, according to the latest Nationwide house price index.

The lack of housing supply continues to drive up prices as buyers compete for a smaller number of homes.

From 1 October 2021, the stamp duty threshold will return to pre-Covid levels.

 

Will this effect first-time buyers?

First-time buyers do not have to pay this on property purchases up to £300,000.

The policy is designed to help more first-time buyers secure a home.

 

Over view for England and NI from October 1st 2021

 

  • Up to £125,000 – no stamp duty tax applied
  • The portion between £125,001 and £250,000 – 2%
  • £250,001 and £925,000 – 5%
  • £925,001 and £1.5m – 10%
  • Above £1.5 million – 12%

To get a clearer picture check out  SDLT Calculator until March 2021 – Mortgage Squared

If need further help with your mortgage give us a call on 08081 551 807.

 

 

 

 

 

 

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