The Chancellor Rishi Sunak has announced sweeping changes this afternoon around Stamp Duty which is excellent news for anyone thinking of buying a home.... in England or Northern Ireland.
Stamp Duty is a tax applied when you buy a property and the announcement that there will be a payment holiday starting immediately means homebuyers across the border will save thousands of pounds.
What's Changing in England and NI?
The Government has raised the stamp duty threshold to £500,000 for all buyers until March 31st, 2021.
That means property purchases below £500,000 will not need to pay ANY stamp duty*
On average that will save English and Northern Irish homebuyers at least £4500 according to the Chancellor, also meaning 9 out of 10 people will pay no Stamp Duty whatsoever while the holiday lasts.
The move has been welcomed by home buyers and across the property industry. It is being seen as a step on the path to getting the UK's economy firing on all cylinders again.
What it Means to You
Well as of right now, probably nothing. SDLT is devolved to the Welsh Assembly Governement in Cardiff and whilst they havent ruled out matching the scheme, no announcement has been made yet.
What we're doing to help buyers and sellers
We're primed and ready to take your calls and answer any questions you have around buying and selling in Neath.
So, if you are thinking of selling in 2020 now is the perfect time thanks to this news.
We're always here to help so if there's something you want to know call us now on 01639 631706.
Thanks for reading.
*There are caveats - if you already own a property that you arent selling in order to buy or you are purchasing an investment property then you'll still have to pay the extra 3% stamp duty that exists for investment / second home purchases.