Stamp Duty Holiday
The day this panel discussion was recorded the Chancellor Rishi Sunak had announced a Stamp Duty Holiday in his mini budget.
The Stamp Duty Holiday reduced this tax usually paid on the purchase of property to ZERO for purchases up to £500,000
What does it mean for you?
Stamp Duty is a cash amount that you have to pay to HMRC within 14 days of your purchase. It has to be cash, you can’t use any of your mortgage. You usually pay it to your solicitor and they pay it on your behalf. The holiday means you pay NOTHING.
What are you saving?
On a house purchase of £325,000 it’s a saving of £6,250.
Should you spend that money and increase you offer?
Shoud you look for a more expensive house and stretch your budget?
Should you keep your offer the same, add this cash to your deposit and reduce your mortgage borrowing possibly getting a better rate?
Should you keep everything the same and save it in case you need it in the year ahead?
It’s up to you! You choose what fits your life best
If you want to know what agents are thinking about the Stamp Duty Holiday watch the Agents Here to Help Panel (including me!) discuss it here.
For another one of my Agents Here to Help videos go here
For even more Agents Here to Help videos answering consumer questions about buying, selling and renting, go here