Loading

Stamp Duty Cut

No Stamp Duty on the first £500k when you move home.

No ‘Stamp Duty’ on the first £500k when you move home until 31st March 2021.

It has been announced earlier today, buyers will pay no ‘Stamp Duty’ on the first £500k when they move home starting from today until 31st March 2021. 

Nearly 9 out of 10 people getting on or moving up the property ladder will pay no Stamp Duty at all.

Number of Properties and Percentage of demand for Properties £500,000 or under in England

In the first half hour of the announcement of the ‘stamp duty’ holiday traffic from MortgagesRM jumped by 22%

 

There are over 510,000 properties £500,000 and under on Rightmove in total, making up 81% of all properties for sale in England.

 

People enquiring about properties £500,000 and under on Rightmove makes up 84% of all buyer enquiries in England

 

Rightmove recorded its busiest every day for visits to the site 8th July, with 8.5 million visits

The team at MortgagesRM analysed the potential stamp duty savings for areas around Doncaster, Sheffield and Hull

Since the chancellor announced the stamp duty cut on Wednesday 8th July, the team at MortgagesRM analysed the potential stamp duty savings for areas around Doncaster, Sheffield and Hull would most benefit from stamp duty threshold being raised to £500,000.

For those who are not first-time buyers, this applies to you. The current average asking price is between £450,000 and £500,000.

Stamp Duty Savings by Region

The Average asking price June 2020

Stephen Kerrigan, your fee free mortgage advisor says: “Buyers in higher placed areas with bigger deposits would benefit most, but there is currently a record housing demand. However, the property market also needs the ability for lenders to extend the availability of low deposit mortgages.”

Book your fee free consultation today

Get in touch