The Race is on! Stamp Duty Land Tax (SDLT) Update
700,000 homes are currently going through the sales process! The highest number in a decade. Many buyers are racing to complete their home purchase before the end of the extended stamp duty holiday on the 30th June.
It’s been just under a year since the temporary reduction in stamp duty tax rates, which was then extended in March of this year. This has resulted in a saving of up to £15,000 for many buyers purchasing homes priced at or below £500,000.
From 1st July, there will be a staggered return to previous stamp duty rates, with the nil-rate band lowered from £500,000 to £250,000 until the end of September. So there are still some savings to be made before the 1st October, when it will return to £125,000.
The amount of stamp duty tax payable depends on several factors, including the price of the property, it’s location, whether you have a UK passport, when you buy and whether you’re a first-time buyer. It also depends on whether you’re buying your main home, an investment property or a holiday home.