IMAGE: MALCOM MENZIES (THIS PAGE); JEREMY PHILLIPS (OPPOSITE) *BASED ON A SURVEY OF MORE THAN 2,300 HOMEOWNERS. ** ACCORDING TO THE HOMEBUILDING & RENOVATING READER SURVEY 2020
We’re all going on a... stamp duty holiday
A stamp duty holiday, which will run until 31 March 2021, was announced by chancellor Rishi Sunak in the government’s Summer Statement, making the first £500,000 of all property sales exempt from the tax. Mr Sunak’s confirmation that the stamp duty holiday will begin immediately is encouraging for the housing market, and could prospectively encourage more families and individuals looking for homes within the upper thresholds of the proposed £500,000 limit, to buy over the next six months.