What is the stamp duty holiday?
The Chancellor Rishi Sunak announced a measure that could save the average home-buyer over £2,000. It means that buyers of homes across England and Northern Ireland, valued up to £500,000 will no longer pay stamp duty. Rishi Sunak stated at the time he hoped this would see a kick start in the property market and as you can see below it seems to be working.
According to figures released earlier this month the average cost of a home in the UK is 5% higher than it was this time last year, which is an acceleration 3.7% in the previous month.
Looking back over recent years prices have not risen that fast since the same period of time in 2016, this if you remember was immediately after the Brexit referendum.
The pent-up demand that was created during lockdown has created a wave of activity through the property market, mainly people deciding they need a bigger property, this was encouraged by the stamp holiday.
Mortgage providers all across the UK are saying the same thing, we’re seeing a mini-boom of people looking to push property purchases over the line that they current do during lockdown and many taking advantage of the stamp duty holiday.
What does in mean for properties over £500,000?
They will remain pretty much unchanged; the stamp duty holiday will remove the 2% band but the 5% and 10% slices will remain the same.
If you are looking at up-scaling the size of your property in the Wakefield and Hull areas then we are the estate agents for you. We’re a team that prides ourselves on not only expert knowledge but our outstanding customer service.
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