In a rush to save the UK housing market, Chancellor Rishi Sunak has decided to abolish Stamp Duty on all properties under £500,000!
Here’s our short summary of what was discussed during todays announcement.
In a rush to save the UK housing market, Chancellor Rishi Sunak has decided to abolish Stamp Duty on all properties under £500,000. In the Chancellor’s statement he noted the market has dropped to the lowest its ever been in 8 years and in order of our economy to grow we need to bring back confidence to the housing market and get people moving, growing and building.
It has been stated that this will remain until 31st March 2021 and by then the market should be buoyant enough for us to once again, change the rules.
Here at Exchange Train we believe that any reduction in fee’s in order to help UK citizens move home with less stress and less financial burden is a win! Although this will not affect most First Time Buyers or high-end property sales, it’s a step in the right direction.
What Exchange Train would like to know – What does this mean for current transactions? Are people going to back-out of sales only to re-instruct? Can you have your Stamp duty refunded if your transaction was recent? How will Solicitors handle the change in process?