Stamp Duty Holiday Announced – Pictons Ready to Respond
The Government has announced that to boost the property market, there will be a temporary stamp duty ‘holiday’ on the first £500,000 of all residential property purchases in England and Northern Ireland where the property is the main residence. This will apply throughout 2020 coming to an end in March 2021.
Stamp duty is a tax on property transactions that can run into many thousands. The Chancellor Rishi Sunak suggested that this move will mean that nearly 9 out of 10 house buyers will now not pay stamp duty at all.
For those buying a property of £500,000 or more there will also be savings given the tax will only apply to the sums above £500,000. Collectively it is suggested that the average stamp duty fee will fall by £4,500 with some buyers saving as much as £15,000. This has been welcomed by many in the property sector who see it as a valuable means of supporting the sector.
The Pictons property team has been fully operational throughout the recent lockdown and is ready to respond to the anticipated lift in new transactions. Pictons maintained its full staff throughout with none of the team furloughed.
Commenting on the move by the Chancellor Pictons Property Partner Harshinder Hundal said:
“This is a significant move by the Government which I am sure will prompt some people into making a move they may have been considering for some time. There is some pent-up demand within the market which we have seen through an up-surge in enquiries to our team.”
Pictons Managing Partner Sukh Saini also commented:
“Unlike others we have maintained fully operational teams across the board. We were quickly able to adapt to remote working which was aided by a major IT upgrade in January. We are fortunate that our infrastructure allows us to adapt and shift pace quickly thus being able to respond to an upswing in demand.”
Anyone interested in discussing a property related purchase should contact us via:
T: 0800 302 9448