Stamp Duty Holiday Welcomed

Colin Tomlinson

H&H Land & Estates welcomes the temporary changes to stamp duty announced today by Chancellor Rishi Sunak.

 

Today, Mr Sunak raised the starting threshold for payment of stamp duty to £500,000, saving the average buyer £4,500. Nearly nine out of 10 people buying their main home this year will pay no duty at all, with the changes running until the end of March next year.

On hearing this announcement Colin Tomlinson, managing director of H&H Land & Estates, said: “This is a significant increase which should makes a noticeable difference to the housing market.

“This is an injection of positivity after the pent-up frustration of the housing market in lockdown.

“Without doubt people have been holding back from both buying and selling houses so these steps taken by the government to stimulate the market must be massively commended.”

Previously, home buyers didn’t pay any stamp duty on the first £125,000 cost of their property, then 2% on the cost above £125,000, 5% above £250,000, 10% on the value above £925,000 and 12% above £1.5m.

The Chancellor unveiled his move as part of a range of measures designed to boost growth and jobs, and stimulate the economy, as the country comes out of lockdown imposed by the coronavirus crisis.

Mr Tomlinson says that the stamp duty changes should kickstart the housing market, which he believes was heading towards recession after four months of stuttering prices.

“People are wanting to move forward and at the moment they are treading water. Movement in the housing market will have a knock-on effect on the overall economy with associated home improvements, property extensions and so forth.

“Today’s announcement will be a massive boost for the sector, especially the first-time buyer markets and those looking to upsize to the next stage of the property ladder.

“Last month the average price of a house was £237,616 - whether these stamp duty changes have a knock-on effect in terms of values is something we will just have to wait and see. “

H&H Land and Estates has estate agency offices in Carlisle, Penrith, Cockermouth, Kendal, Keswick, Grange-over-Sands and Durham.

 

H&H Land & Estates prides itself on the breadth of services it offers both the residential and rural property client.  The specialist knowledge of the agency is brought together not just through its portfolio of residential property services covering sales, acquisitions and lettings, but also through its specialist land agency, where a supporting team of rural chartered surveyors helps to provide highly specialised rural property business service. 

Land Agency

Capital Gains Tax Shakeup for COVID Recovery

Read Next Article

Read more about this news article

Back to News

What Our Customers Say

  • We found Andrew and Kathy to be extremely professional. They guided us through the whole process seamlessly. Cannot recommend H&H highly enough. Thank you.

    Rhona King

    28th February 2019

  • Friendly and professional service at all times. Great service. Tracey is fabulous.

    Saiorse Cosgrove

    10th September 2019

  • Excellent service from valuation through to completion. Very friendly staff and extremely professional. Thank you very much Andrew and Kathy in the Penrith office for your help. Can’t praise them enough.

    J Carver

    13th September 2019

  • Personal, professional and friendly, the team at H&H in Penrith truly give you five star treatment. They help you through all the issues which always arise when buying a property and give you peace of mind that everything is being dealt with. We would definitely recommend this great team and would use again in the future.

    Carol Edmondson

    15th September 2019

  • Thomas, Shirley & Alan, we would like to show you our appreciation for everything you did in the preparation and sale of the (now successful) sale of the farm. Thank you.

    The Hill Family

    1st November 2019

  • Over the past few months, I’ve been dealing with Jenna to sort out some issues with a tenant that left and to find a new tenant for my property. You’ve been the managing agent for my flat since 2005 and the service that Jenna has given me recently has been nothing short of superb. She has promptly answered questions, given me reassurance and generally been a godsend over a fairly stressful time. You have a tremendous asset in Jenna.

    J Rowe

    25th February 2020

  • From my first dealings with the valuer who came out to look at my property and telephone dealings with the staff in the office, I have had nothing but excellent service and I would like to thank them all for that. My biggest thanks must go to Gillian, who has helped me all the way from start to finish, she has gone beyond my expectations and helped me in every way possible, her enthusiasm and humour along with her professional service has made my experience of selling my property a very pleasant experience and for that I am very grateful.

    J Hill

    21st August 2019

  • Nothing but praise for the service offered by Andrew and Kathy at H&H King, Penrith. They really put themselves out, not only to ensure that we sold our house but also to find us a house that suited our requirements in the right area. We have no doubts that they are worthy of a 5* rating. N&T

    Neil McGeown

    1st October 2019

  • Thank you so much [Mike] for all your help with the Mid-Tier Application. I couldn't have possibly done it myself and it was such a relief to be able to hand it over to you.

    L. McArthur

    22nd August 2018

  • We are very pleased with the way you dealt with the Scroggs Wood programme. There seemed to be a number of difficulties, but you overcame all these problems and got the timber extracted in good time, and sold it well - we were delighted with the cheques we received. So we wish to thank you warmly for all your efforts, your expertise and your thoroughly professional approach.

    H. Summerson

    31st January 2020