Chancellor of the Exchequer, Rishi Sunak, has today announced a stamp duty holiday for homebuyers, meaning any purchase up to £500,000 will be exempt from paying any tax.
Local Estate agent, Rex Gooding has looked at what this means for homebuyers in West Bridgford.
Sales Valuer of Rex Gooding, Dan Gooding said:
“A bold move by the chancellor today and one that will no doubt increase homebuyer demand. This should ensure top-line demand and price growth remain immune to any unseasonal downward trends and implementing this initiative immediately ensures any short-term decline in transactions.
According to Rightmove, the majority of sales in West Bridgford during the last year were detached properties, selling for an average price of £443,908. With no stamp duty payable up to £500,000, on a sale price of £443,908 this equates to a saving of over £12,000!!”
Data on stamp duty saving for properties priced over £500,000 based on the following.
Existing Stamp Duty Land Tax based on current thresholds of 2% between £125k to £250k, 5% between £250k-£925k, 10% between £925k and £1.5m and 12% over £1.5m.
New Stamp Duty Land Tax based on 5% charged on £500k to £925k, 10% between £925k and £1.5m and 12% over £1.5m.