Extending the Stamp Duty Holiday
As was widely expected, the Chancellor extended the UK Stamp Duty Holiday for another three months, until 30th June. This will be followed by a £250,000 nil rate band until September, before finally returning to the original £125,000 from 1st October.
The UK property market would have been thrust off a cliff edge if Rishi Sunak had not done this. This new extension is going to be particularly helpful for:
- Lenders
- Solicitors
- Financial advisers
This policy gives people the time and breathing space to get on the property ladder and benefit from the Stamp Duty Holiday. This will be particularly beneficial for:
- First-time-buyers
- Families downsizing into a smaller property
- Anyone selling an expensive property
The tax holiday extension will result in more people buying houses. This is beneficial for property developers looking to sell a built-up residential because it will increase the price of their property (more buyers results in the property ‘asking price’ going up).
Furthermore, many families are having to downsize because the primary money-earners have sadly lost their job in recent months. The holiday will therefore benefit these people, too.