The Government has announced that all first time buyers and home movers in England will only pay Stamp Duty tax on properties that are valued above £500,000.
Currently, home buyers pay Stamp Duty tax on any home over the value of £125,000, unless they are a first-time buyer, for which the cap is £300,000. The new threshold will be available immediately, until 31 March 2021 and as long as the chosen property is due to complete within this time frame, Story Homes customers can start benefiting from this change now.
Based on a house purchase price of £280,000, you would save £4,000 in Stamp Duty. This saving will help more people to move along the property ladder and enable first-time buyers to opt for a larger house of a higher value, without the added cost of Stamp Duty tax. The maximum saving you could make is £15,000 if you were to purchase a home worth £500,000 – which means now is the perfect time upgrade to a Story home.
To find out more about Stamp Duty you can get in touch with our Sales Executives to discuss what buying options are available to you and the savings you could make – you can find their contact details on the development pages of our website.
Please note that this does not apply to our developments in Scotland.