Rishi Sunak’s Stamp Duty Holiday

Wednesday, 8th July 2020
News | Surveying

Of all taxes, Stamp Duty Land Tax (SDLT) is one of the more debatable (and liked) as it significantly slows the pace at which the housing market can operate. It is particularly restrictive on first-time buyers who make a significant contribution to a functioning market. Less first time buyers, less second-time buyers to buy their next property, and so on and so forth.

We previously wrote about Boris Johnson’s ‘promise’ to raise the threshold at which buyers start paying SDLT to £500,000, but as with everything over the past few months, Covid has thrown the rule book out the window.

money

What are the savings?

Currently, no tax is paid on the first £125,000. 2% up to £250,000 and then 5% up to £500,000. First-time buyers pay nothing up to £300,000. A property worth £450,00 would cost a first-time buyer £7,500 and everyone else £12,500 (buyers of second properties face higher charges).

Today’s announcement will see no tax paid up to £500,000 for properties that are the buyer’s main home, starting today and running until 31 March 2021.

I had a really positive experience with Shaun Blake at Peter Barry. The survey was very thorough and Shaun was on hand to answer several follow-up questions I hand. I would recommend them to anyone.
Requested a level 2 survey with Peter Barry and was very happy with the service, the survey goes above and beyond what I have experienced before and gave a very thorough breakdown of the risks and what next steps both I and the solicitor should take. I highly recommend going with them!
Response from the owner:Thank you for sharing your experience working with Peter Barry Surveyors.
I’m using them to help with lease extension and provide valuation, survey and advise on same. Still in the process, but they have very quick, efficient, professional and also helpful to date.
Lease extension is a tricky process so having them deal with this efficiently and provide clarity has been so welcome.
Response from the owner:We are pleased to hear how useful you have found our service.
Peter Barry offers an efficient and effective service. Helpful advice on various levels of homebuyers reports. It was so helpful to be able to talk things through with David Breeze. Recommended.
Response from the owner:Thank you for your recommendation Mr Greenwood.
Administrator Joanne was super quick to get me into their system and assigned Surveyor, David Breeze. David is delightful, wonderful, knowledgable, even helpful after surveying the property to assist me with outstanding tasks to make sure I was comfortable and understood the reports.
Response from the owner:We are pleased to hear that you were so satisfied with the service you received from David.
Excellent customer service.
Jaynell was extremely helpful and David Breeze provided us with a very comprehensive and detailed report.
We welcomed the opportunity to speak with him before and after the survey. He answered all our questions and addressed our concerns by recommending possible solutions. I have already recommended him and all at Peter Barry.
Thank you for a very positive customer experience.
Response from the owner:We appreciate your recommendation & positive feedback, thank you.
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