The Government has announced that the Stamp Duty Holiday in England will continue through until summer 2021

On 3rd March the Chancellor announced in the Budget that he would be extending the Stamp Duty Holiday in England until 31st June 2021.

During this “Holiday” period the threshold for stamp duty will remain at £500,000, meaning that 90% of homebuyers do not need to factor Stamp Duty into their budget.  

What is Stamp Duty?

Stamp Duty is tax charged by the Government when you buy a property. This is usually an extra cost which buyers must take into account when budgeting for their new home, but thanks to the Stamp Duty Holiday announced by the Chancellor, this will not be the case until 1st July.

The amount of Stamp Duty required depends on the value of the property you are buying. Under the guidelines, any property purchased for less than £500,000 will not require any Stamp Duty to be paid.

The Stamp Duty Holiday could save you thousands

For homes valued up to £500,000, the rate of Stamp Duty is now 0 percent. For homes priced between £500,001 and £925,000, 5 percent Stamp Duty is required.

The rate of Stamp Duty increases with the price of your home. Homes bought for between £925,001 and £1.5 million require 10 percent Stamp Duty. Homes valued at over £1.5 million require 12 percent stamp duty.

Without having to worry about paying for Stamp Duty alongside their new home, buyers can potentially save thousands of pounds. See the gov.uk website for more details.

Offers to make your homebuying experience smoother

Here at Homes by Esh, we also provide a range of additional offers on our properties in order to make your dream home even more accessible. This includes the Government-backed Help to Buy scheme, which allows you to secure a property for as little as 5 percent deposit.

Part Exchange and Homemover Plus are also available across our developments, securing you a buyer and helping you avoid becoming stuck in a pesky property chain.

Discover your perfect property today by exploring our stunning homes, located throughout the North East. Book your slot at a Homes by Esh development today by clicking here.