One quarter of buyers still set to pay no stamp duty!
From 1st July 2021, the Stamp Duty and Land Tax Transaction Holiday price thresholds fell to £250,000 in England. This means almost a quarter of buyers in the south east of England are still likely to benefit from 0% taxation on their main residence over the coming months.
Over the last year, 47% of all homes in England sold for below £250,000. If you exclude London from the figures, the proportion increases to 52%. This means around half of buyers in England will still benefit from the Stamp Duty Holiday. In the south east of England up to one quarter of buyers won’t pay Stamp Duty Land Tax on their main residence.
While this may only benefit a smaller number of buyers in the south east of England compared to other regions, it is still excellent news for the whole property market. More purchasers of lower priced properties keep all property price brackets moving and ensures demand remains strong for properties at the higher end of the market.
First-time buyers in England will still benefit from tax relief on sales up to £300,000. From 22 November 2017 first time buyers paying £300,000 or less for a residential property will pay no Stamp Duty Land Tax (SDLT).
First time buyers paying between £300,000 and £500,000 will pay SDLT at 5% on the amount of the purchase price in excess of £300,000, a reduction of £5,000 compared to the amount of SDLT they would have previously paid. The relief must be claimed in an SDLT return.
Although many expected the housing market to be quieter during the summer months as lockdown restrictions ease, demand for property for sale in North Kent remains high. Get in touch with your trusted independent estate agent, Quealy & Co if you are thinking about how much your home is worth. Given current market conditions, it’s probably worth more than you think!
Call us on 01795 429836 or email email@example.com to chat with a member of our friendly and experienced team. Alternatively try our FREE instant online valuation tool for an estimation of your property value within seconds.
Source: Dataloft, Land Registry, based on sales recorded in the year to the end of April 2021.