Stamp duty relief to help revive the housing market

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Stamp duty relief to help revive the housing market

Chancellor Rishi Sunak has today announced a stamp duty holiday which will run until 31 March 2021 in a bid to boost the struggling housing market which has taken a hit due to the coronavirus pandemic. Although the measure is temporary, it could have a lasting impact on people who are looking to buy homes at the lower end of the market.

When lockdown began in the UK in March, the housing market effectively came to a halt. Estate agents, surveyors and those looking to viewing properties where banned from doing so. During this time, house prices fell by 1.4%, to an average of £216,403 (according to the Nationwide house price index for June).

What is stamp duty?

Stamp duty is a tax paid by people buying properties, although it varies slightly across the UK. As it stands, first-time buyers are already entitled to relief for the first £300,000 of stamp duty. Homebuyers paid stamp duty on properties worth more than £125,000. The rate is then increased 3% on properties worth up to £250,000 and 5% on properties up to £675,000. A stamp duty holiday means that over the coming months, most homebuyers will not have to pay any stamp duty at all. Sunak has stated “the average stamp duty bill will fall by £4,500. And nearly nine out of 10 people buying a main home this year, will pay no stamp duty at all.”

Sunak also stated the reasons for a Stamp Duty holiday for those buying a home for £500,000 or under was “to provide a catalyst to boost confidence in the housing market”. He also added, “I want people feeling confident to buy, sell, move and improve as that will stimulate growth and create jobs.”

How we can help

Here at Avery & Co we are operating business as usual, while adhering to all government guidelines. If you are now starting to look at property to purchase, we offer a range of services covering the survey and valuation of properties. All of our surveyors are registered with the RICS and trained to the highest standards to be able to give you the best valuation for your money.

If you would like to contact us, you can do so here or you call the office directly on 0151 321 2000. We would be happy to help with with any questions or bookings you would like to make.

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All of our surveyors are fully RICS qualified and regulated, and ultimately, investing in a high-quality service from Avery & Co could save you money in the long-run and give you peace of mind when purchasing a property.

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Note for Level 3 (Building) Survey enquiries.

Beware of cut-price fee quotes.

I accept that the information entered on this form will be stored and used for Avery to contact me.

Stamp duty relief to help revive the housing market