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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.
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