It’s great news for the property market as the Chancellor announced last week that the Stamp Duty Holiday has been extended until the end of June 2021. Here, we look at what this means for anyone looking to buy a home within the next few months.
What is Stamp Duty?
Stamp Duty Land Tax (SDLT) is a tax paid by anyone purchasing property or land in England if the value of the transaction is over the threshold of £125,000 (or £300,00 for first-time buyers).
What is the Stamp Duty Holiday?
This was first announced by the Chancellor, Rishi Sunak, in July 2020 and was due to end very soon at the end of March 2021. The Stamp Duty Holiday means that the Government has increased the threshold on properties exempt from Stamp Duty fees to £500,000.
The fantastic news that was announced last week is that the Stamp Duty Holiday has now been extended by a further three months. This means that there is no SDLT to pay at all on a house purchase up to the value of £500,000 until the end of June this year meaning that home buyers could be making savings up to £15,000! For house sales above £500,000, regular stamp duty rates are payable but only on the value above £500,000. After the 30th June, the value of the SDLT threshold tapers to £250,000 until the end of September 2021 with home buyers still being able to make potential savings of up to £7,500. The Stamp Duty threshold then returns to the usual threshold of £125,000 from 1st October 2021.
What does this mean if I’m thinking of buying a Holroyd Home before the end of September?
The only available property we currently have on the market is ‘The Barn’ at Broad Lane Farm, which will be ready to move into at the start of June 2021. This home is a restored 3 bedroom Grade-II listed barn in the much sought-after village of Upperthong in Holmfirth, for sale at £359,950. If completed before the end of June, there’ll be no Stamp Duty payable. If the purchase of ‘The Barn’ was completed after the end of June 2021 but before 30th September 2021, some stamp duty will be payable but there’ll still be a saving of £2,500 (assuming you’re not a first time buyer). There’s never been a better time to move home!!
If you’d like to speak to someone further about ‘The Barn’ or to arrange a viewing of this stunning home, please contact our agents at Wm Sykes (01484 683543) who’ll be delighted to speak to you! You can also click this link to view our brochure.