Rishi Sunak has announced that the Stamp Duty Holiday, originally due to end on 31st March, will be extended until 30th June 2021.

The nil rate band for Stamp Duty will remain as £500,000 until the end of June. Then, from July it will stay at £250,000 before returning to its usual rate of £125,000 on October 1st.

With this added time for buyers and sellers to complete their property purchases, solicitors will feel less pressure to push property sales through before April and more buyers will be able to purchase homes that they otherwise might not be able to afford.

If you have a question regarding your property transaction, please get in touch. One of our experienced sales negotiators will be happy to assist you.

You can also find out more about Stamp Duty on the UK Government’s website here.