Stamp Duty has been temporarily waived
Homebuyers can save thousands under the new Stamp Duty threshold.
On Wednesday 8th July, as part of his Summer Statement, the Chancellor of the Exchequer announced that Stamp Duty is being waived on homes up to the value of £500,000, until March 2021.
This means that those buying a home £500,000 or less before then will not be required to pay any Stamp Duty and homes above this value will have massive reductions in Stamp Duty based on the raising of the threshold.
We’ve broken down the savings for each of our available homes at Park View:
| Home Type |
Asking Price |
Old Stamp Duty |
New Stamp Duty |
Saving |
|
The Armstrong Apartments, 1 bedroom |
£270,000 |
£3,500 |
£0 |
£3,500 |
|
The Sargent, 3 bedrooms |
£470,000 |
£13,500 |
£0 |
£13,500 |
|
The Laguerre, 4 bedrooms |
£750,000 |
£27,500 |
£12,500 |
£15,000 |
|
The Herbert, 5 bedrooms |
£1,150,000 |
£58,750 |
£43,750 |
£15,000 |
The temporary change affects all homebuyers looking to buy a primary residence, including first-time buyers. If you’re buying a home that isn’t your primary residence, for example buy-to-let or a second home, the new rates are slightly different. Read more on gov.uk.
Already reserved your home? The requirement to pay stamp duty is triggered when you complete the purchase of your home, so if you've exchanged prior to 8th July but not completed, you will benefit from the increased thresholds.
If these changes inspire you to get moving, get in touch with the team by email or call .