Rishi Sunak, the chancellor, today announced a stamp duty holiday to get the economy moving. This is great news for anyone thinking of looking for a new home. Purplebricks has always aimed to make moving to be as affordable as possible and this is something we’ve been pushing for.
The changes come into effect immediately in England and Northern Ireland and will remain in place until 31st March 2021. From today, the stamp duty threshold has increased from £125,000 to £500,000 for both first time buyers and existing homeowners, and will benefit nine out of ten house buyers - so there’s never been a better time for us to get you moving.
What does this mean?
This is fantastic news for the property market. Around a third of customers told us that the cost of stamp duty is the biggest thing that stops them moving, so this news will be welcomed by many.
It will be a huge benefit to first-time buyers and middle movers (for example, those wishing to move from a two bed to a three or four bed). And it will also help the mid – lower end of the market with the majority of properties being exempt from stamp duty completely.
If you want to take advantage of this stamp duty holiday, here are our top tips:
- Make sure you’ve got a mortgage agreement in principle and have finances in order to be ‘move ready’. The best houses get snapped up really quickly so you need to be in a position to make an offer to secure your dream home.
- If you’re thinking of selling your property and your home is not currently for sale, now is a great time to get it on the market to capitalise on the surge in demand. Whether you’re a property developer or a potential seller, finish off any renovation work and get it in tip top shape, so you can get it up for sale in the best possible condition
So why sell with Purplebricks?
You’re in safe hands with us. For three years running, Purplebricks has moved more people than any other estate agent*. What’s more, with Purplebricks you already save, as we don’t charge commission, just a fair fixed fee of £999 or £1499 in London and Surrounding areas. You’ll also have the support of your Local Property Expert who’ll be with you every step of the way.
You can book a valuation with your local Purplebricks estate agent at https://www.purplebricks.co.uk/book-your-free-valuation/find-your-address
*Independent sales data from Twenty CI’, May’17- April’18, May’18 - April’19 and May19’- April 20
- 8 July 2020