To encourage people to get moving, in his Summer Economic Update, the Chancellor announced a ‘Stamp Duty holiday’ aimed at helping people feel “confident to buy, sell, renovate, move and improve.”
Until 31 March 2021, the Stamp Duty threshold of £125,000 has been increased to £500,000, meaning nine out of 10 buyers in England and Northern Ireland will pay no Stamp Duty on homes purchased before April next year, saving them an average of £4,500.
From September, homeowners will also be able to apply for a £2bn ‘Green Homes Grant’, which will offer households up to £5,000 to spend on making their home more energy efficient. The package could save households up to £300 a year on their bills. Once launched, the government will pay two-thirds of energy-efficient home improvements up to £5,000.
Contact us in the office today to see how we can help and to arrange your no-obligation financial review.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.