Published: 28/12/2020
You need to act fast if you want to benefit from the Stamp Duty holiday. It takes an average of 12 weeks to complete on a property once an offer is accepted and it’s just 15 weeks to the 31st March when it ends.The cut, which came into effect on 8th July, applies to all residential property purchases up to £500,000, offering savings of up to £15,000. This applies whether you’re buying your first home, a holiday or second home, or an investment property - the 3% surcharge for additional residential properties (over £40,000) still applies, but the potential saving of £15,000 is the same.
Rates during the Stamp Duty holiday are:
Stamp Duty All Additional
buyers property
£500,001 to £925,000 5% +3%
£925,001 to £1.5m 10% +3%
Over £1.5m 12% +3%
Once the holiday is over, rates will revert to previous levels, with first time buyers paying no stamp duty up to £300,000 and 5% on the portion from £300,001 to £500,000, provided the property price is up to £500,000.
From 1st April rates are expected to revert to:
Stamp Duty 1st time Additional
buyers property
Up to £125,000 zero +3%
£125,001 to £250,000 2% +3%
£250,001 to £925,000 5% +3%
£925,001 to £1.5m 10% +3%
Over £1.5m 12% +3%