Articles from the Silver Shemmings Ash Team on contractual matters, recent case law changes and items of interest in the construction and property world
July 8, 2020 | Silver Shemmings
The Chancellor today announced a series of measures to attempt to kick-start the UK construction and residential property markets.
In order to counter the damaging effects of COVID-19 on the UK’s construction and residential property markets, the Chancellor of the Exchequer Rishi Sunak has just announced that individuals buying residential property up to the value of £500,000.00 will pay no stamp duty at all. The 3% higher rate for purchases of additional dwellings and purchases made by UK corporations applies on top of revised rates during this period.
This will take effect for properties completing from today, 8th July 2020 and will last until 31st March 2021 and will apply to the granting of new leases.
Estate agents could now see a surge in demand for properties overnight as would-be buyers looking for new home to live in could potentially stand to make a stamp duty saving of up to £10,000.00. This will mean that 9 out of 10 people will pay no stamp duty at all and the average stamp duty bill will fall by £4,500.00.
It has come as a welcome relief that these changes have been implemented immediately. It was feared that if the changes were to come into effect in the Autumn then there was a risk of freezing the very small momentum that the market had picked up in the last few weeks since the property market re-opened.
If you would like advice on what todays announcement could mean for your purchase or need a property lawyer to act for you in regard to the sale or purchase of a residential property then please contact Mohammed on email@example.com
Author Mohammed Kalam has been working as a fee-earning Paralegal for the last five years acting for housing associations, charities, developers and high net-worth individuals
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