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Is now the time to buy your next home?

Last week Chancellor Rishi Sunak announced a stamp duty holiday effective from 8 July 2020 to 31 March 2021, this is part of the Government’s plan to kick start the UK economy following months of lockdown due to the pandemic. In this blog Director Lee Armstrong considers whether or not now is the right time to look at purchasing a property.   Residential Rates on purchases from 8 July 2020 to 31 March 2021 If you purchase a residential property between 8 July 2020 and 31 March 2021, you will start to pay Stamp Duty Land Tax (SDLT) on the amount that you pay for the property above £500,000. These rates apply whether you are buying your first home or have owned property before.   You can use this table to work out the SDLT due: Property or lease premium or transfer value SDLT rate Up to £500,000 Zero The next £425,000 (the portion from… Read more