On Wednesday, the Chancellor announced that the stamp duty threshold is to be raised from £125,000 to £500,000 – with immediate effect. It is temporary reprieve which will be in place until 31st March 2021.
Last year only 15.2% of properties fell below the £125,000 threshold. The increase to £500,000 means that a further 74.5% of buyers could now be exempt from Stamp Duty. This is excellent news for the market after some exceptionally slow weeks during lockdown.
ASAP is ready for the surge in activity. Needless to say, our conveyancing quote tool has been updated to reflect the new threshold so agents and brokers can give their clients up-to-the-minute quotes – or requotes! What’s more, our highly trained team of Sales Progressors has expanded, so we have plenty of capacity to ensure that sellers and buyers are legally ready to move at the earliest opportunity.
Buyers have a nine month window to really take advantage of this tax break. Let’s hope they do it with gusto!