Update coming soon. Live Stream here! Chancellor Rumoured to Announce Six Month Stamp Duty Break
Jul 6, 2020
Chancellor Rishi Sunak is expected to deliver a temporary change in stamp duty in a ‘mini-budget’ announcement this Wednesday.
In a ‘Summer Economic Update’, the Chancellor is said to exempt many potential homebuyers from paying stamp duty in an attempt to increase demand for homes and inject life back into a waning housing market hit by the Covid-19 lockdown. This will work by increasing the threshold at which buyers have to pay tax on their house based on its value.
Currently, buyers pay an increasing portion of stamp duty on residential properties from £125,000 but this is said to change to between £300,000 and £500,000, potentially making it much easier for people to buy homes in the coming months. The new limit would be set for six months and will help to boost recovery to the housing market that was affected by restrictions on moving and falling house prices. HMRC figures reveal the lowest level of home sales since records began in 2005 during the month of April.
Related Posts
Firecrest Construction Completes 40 Bed Care Home For Exemplar Health Care
Firecrest Construction has successfully completed the complex delivery of a new 40 bed care home in Bury town centre for Exemplar Health Care. As principal contractor to the scheme, Firecrest delivered the job on budget and on time, handing over after 64 weeks...
The Hill Group Achieves Hat Trick of Planning Successes Across the South East
Award-winning housebuilder The Hill Group has secured a hat trick of planning permissions across the South East, marking a significant milestone in the delivery of much-needed new homes across the region. Across three newly approved schemes in Essex, Oxfordshire and...
Hampshire construction firm charts record growth despite industry challenges
Hampshire-based construction firm, PAH Building & Construction, has already secured two thirds of its projected £18 million turnover for 2026, driven mainly by growth in its retrofitting and insurance work. This milestone has been achieved despite wider industry...