- About us
- Warranty Products
- Insurance Products
- Contact us
- Get a Quote
Over ten yearsexperience in the industry
We can offerFull market comparison
Accepted bymajority of high street banks
Recognised by theCouncil of Mortgage Lenders
Following the budget last Wednesday, an extension to the Stamp Duty holiday was announced. It will continue for a further three months, until the end of June 2021. This will enable buyers more time to complete their sales and potentially save up to £15,000 on Stamp Duty Land Tax.
In order to prevent the ‘cliff edge’ scenario, a tapered scheme will come into effect until the end of September 2021; for properties up to the value of £250,000. After this, the duty will return to the original threshold of £125,000.
Approximately three quarters of a million house purchasers will have saved themselves the tax by the end of the scheme. This has prompted a small, short term property boom.
According to Zoopla, the majority of these purchases were under £500,000. Therefore, no Stamp Duty will have been payable, saving an average of £4,660 per sale, or a collective £2.8 billion.
The Centre for Policy Studies (CPS) is calling on the Government to either permanently increase the stamp duty threshold to £500,000 (at a cost of £3 billion to the Government) or abolish it altogether. The latter is a highly unlikely scenario!
But for many, the continuation of the stamp duty holiday, along with the anticipated introduction of the 95% mortgage scheme, should help to provide a lifeline for the housing market. It is expected this will keep property prices buoyant in the short to medium term.
Copyright © 2021 Granite Building Warranties
Marketing by Unity Online
Granite Building Warranties Ltd is an Appointed Representative of Richdale Brokers & Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority.
Granite Building Warranties is a company registered in England and Wales (Company Number 11497543) with its registered office at 1st Floor, 5 Century Court, Tolpits Lane, Watford, WD18 9PX.”