The Spring 2021 Budget has brought positive news for home buyers, as it was confirmed that the stamp duty holiday will be extended in England and Northern Ireland until the 30th June 2021.
Introduced in the summer of 2020, the temporary tax break meant that those buying a home under the value of £500,000 could save money on the purchase of their property. With the original deadline looming, the extension has given some much-needed leeway for those yet to complete the purchase of their new home.
Relief for home buyers
The team at Graven Hill welcome the Government’s decision to extend the holiday, as we know that buying a new home is not something that can be rushed. Here’s what Karen Curtin, our managing director had to say:
“Today’s extension will see millions of people breathing a sigh of relief. Rather than destabilising the housing market and leaving some buyers with an unbudgeted housing cost, sales can continue as planned, keeping property a core part of Britain’s economic recovery.
“The stamp duty holiday has helped first-time buyers to take their initial step onto the property ladder and encouraged existing homeowners to find somewhere that better suits their evolving needs. Lockdown has put people’s priorities into perspective, and now they can pursue their perfect home without worrying about an additional moving cost to pay.
“Compromise shouldn’t have to be part of the house buying process. That’s why Graven Hill offers a range of new homes and self-build plots to ensure everyone’s needs are catered for, no matter their circumstances.”
What does it mean for you?
• Those buying a home worth between £250,000 and £500,000 now have until the end of June to complete the purchase of their property, before having to pay stamp duty.
• From the 30th June, to the end of September, the stamp duty threshold will decrease from £500,000 to £250,000. It will then resume to its usual level of £125,000 from October 2021.