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The Stamp Duty holiday is changing soon – here’s what you need to know

LAURUS LIFE | Lifestyle

What you need to know

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The Government’s Stamp Duty holiday is changing after 30th June but there are still savings to be made on Laurus homes. Brought in last year to kickstart the housing market amidst the financial impact of Covid-19 and the first lockdown, it was a huge success and, having been intended to last only until the end of March, it was extended until 30th June.

With that date now fast approaching, what are your opportunities to make savings on buying your dream home with Laurus?

What is the Stamp Duty holiday?

  

Stamp Duty is a tax that needs to be paid when buying property and while not everyone has to pay it, it can be a large sum of money so need to be budgeted for as part of your home buying process.

Before the holiday was brought in last July, these were the rates of Stamp Duty as a percentage of the price of the property:

  • £0-£125,000: 0%
  • £125,001-£250,000: 2%
  • £250,001-£925,000: 5%
  • £925,001-£1.5m: 10%
  • Over £1.5m: 12%

First-time buyers spending less than £300,000 were exempt from paying Stamp Duty, with those spending between £300,001 and £500,000 only paying 5% of the amount over £300,000. For homes over £500,000, Stamp Duty rates were the same as the standard rates, even for first-time buyers.

The Stamp Duty holiday currently means that for all buyers, there is 0% to pay on any property up to £500,000. However, that is only until the 30th June.

How is the Stamp Duty holiday changing?

  

From 1st July until 30th September 2021, Stamp Duty will not quite return to its usual levels, which is welcome news for some buyers who might miss the deadline for completion. In this interim period, there will continue to be a 0% rate for homes purchased for up to £250,000, with 5% to pay on homes between £250,001 and £925,000.

This means that you can still make savings on a home up to a certain price if you complete before the end of September. If you buy a £250,000 home before the deadline you can save £1,500, so just imagine what you could spend that extra money on when it comes to decorating your new home?

From 1st October 2021 onwards, rates will go back to normal and there have been no indications so far that there will be any further extensions. So, while a Rightmove poll has found that only 4% of buyers would abandon their plans to move if they miss the deadline, the advantages of moving quickly and making that saving are clear.

If you’re looking to buy a new home with Laurus, why not have a look at what properties are available at the development of your choice and then get in touch with our Sales Advisors to get started on your journey to your dream home?

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