End of stamp duty holiday creeps closer – how will this effect first time buyers?
Back in July 2020 as the country tried to recover from the first covid lockdown the government announced a stamp duty holiday up to £500,000 until 31st March 2021. This meant anyone completing a sale before this date below £500,000 would pay no stamp duty as long as they were selling and buying their primary residence.
As the end of March came closer the government decided to extend this holiday until 30th June 2021 up to £500,000 and 30th September up to £250,000.
The good news for first time buyers is that nationwide it is predicted that 80% of their purchases will still be stamp duty free even after the holiday ends. It is expected that first time buyers will still pay no stamp up to £300,000 as it was pre the pandemic. However, in the area that Aldreds covers nearly all first time buyers purchases are below the £300,000 threshold anyway.
If you are a first time buyer and looking to purchase your first house call us today to discuss your options.