Stamp Duty Holiday extended until 30 June 2021
Caz Blake-Symes • March 9, 2021
In the March 2021 Budget, Chancellor Rishi Sunak has confirmed that the Stamp Duty holiday will be extended to June 30 2021. He said the Government will temporarily increase the nil-rate band of residential Stamp Duty in England and Northern Ireland from £125,000 to £500,000. This will apply until June 30 2021.
After that the nil rate band will be set at £250,000 - double its standard level - until the end of September. Rishi Sunak told MPs the extra move was "to smooth the transition back to normal - and we will only return to the usual level of £125,000 from October 1".
The Treasury said nearly nine out of ten people getting on or moving up the property ladder will pay no Stamp Duty at all. The aim is to boost the housing market and the wider economy to help the UK recover from the consequences of the coronavirus pandemic. It comes after the property market was effectively closed between the end of March and mid-May 2020.
Mark Peck, head of residential at Cheffins estate agency, said this could provide the incentive many unsure buyers and sellers need. He said: “Whilst the market has already been significantly busy post-lockdown, cutting Stamp Duty on purchases up to £500,000 really will be the catalyst get the industry flying. The most likely impact of this measure will be a flood of buyers coming into the market who previously had sat on their hands due to political and economic uncertainty, and this flurry of activity will bring with it price rises as demand outweighs supply. He suggested it would also boost those with a low deposit as they could now increase it with the Stamp Duty savings.
With the Budget uncertainty now lifted, buyers and sellers can return to making decisions about their next move. Removing the threat of a new annual property tax from 210,000 homes for sale will help revive market activity in higher-value areas. However, the lack of any stamp duty reform means homebuyers will continue
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