Buying a home of £500,000 would usually incur a stamp duty charge of £15,000 but this cost is now scrapped for 6 months under the new system.
“Buyers are facing a tougher lending environment, with banks demanding higher deposits. Reducing the upfront cost of stamp duty would be a welcome help, especially to young Londoners struggling to save for their deposit, which is always the stumbling block.” Savills
It’s hoped that more people will be putting their house on the market either to downsize or get more space which will free up stock for first time buyers. It’s a welcome announcement as the market shows signs of recovery, although some are worried about the end of the furlough scheme in October, will the housing market dry up again?
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