Stamp Duty Holiday Welcomed
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.