What is the new Stamp Duty Holiday?
Last summer, the government temporarily increased the amount at which stamp duty is paid to £500,000, for property sales in England and Northern Ireland.
The tax break was due to end on 31 March, but Mr Sunak announced in the Budget that it will now end on 30 June.
After this date, the starting rate of stamp duty will be £250,000 until the end of September. Stamp duty will then return to the usual level of £125,000.
The move was aimed at helping buyers who might have taken a financial hit because of Covid. It could save them as much as £15,000, if they were buying a property of £500,000 or more.
Buying a property during this time can be incredibly stressful as you aim to move home by such a tight milestone deadline. Make sure you choose a property solicitor you can trust to act in your best interests and with efficiency. To speak to one of our experts email our Conveyancing Team