With immediate effect the Chancellor has cut stamp duty on all residential property transactions. This cut is set to last from today until March 31st 2021.
“Nil rate” of stamp duty is raised. It stood at zero stamp up to £125,000. Now it is zero stamp up to £500,000.
If you buy a property over £500,000 you still have a massive stamp duty saving.
You can take £15,000 off your stamp duty cost as it would have been before this announcement.
A buyer purchasing a property in London at £800,000 will now save 50 percent of his previous stamp duty obligation.
This incentive by Rishi Sunak, the Chancellor, will create a massive boost to the London Residential Property market.
It is now expected that there will be a surge in sales from the domestic first time buyer market who will pay no stamp duty on transactions up to half a million pounds.
Overseas investors in London residential property will see this as a major buying opportunity. For most it will be a 50 percent ++ saving in stamp duty.
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