Solicitors rush to complete in four days!
Since March last year, first time buyers have had the opportunity to purchase a property up to the value of £250,000 without having to pay Stamp Duty but this offer ends on the 24th March, only four days away!
At the Pali Head Office, there’s been a flood of urgent requests for our prompt and efficient search service caused by the end of the Stamp Duty Holiday.
The years break has been a huge relief for first time buyers with a potential saving of £2500 on properties which were at the top end of the Stamp Duty price bracket of £250,000 and 3% for properties bought above £250,000.
After the 24th of March, Stamp Duty will return to its usual rates which are;
- 0% for properties purchased under £125,000
- 1% for properties purchased between £125,000 and £250,000
- 3% for properties purchased between £250,000 and £500,000,
- 4% for properties purchase between £500,000 and £1,000,000
- 5% for properties worth £1,000,000 and over.
Halifax made a calculation that an extra four in ten first time buyers have been exempt from paying Stamp Duty thanks to the Government raising the starting threshold of paying Stamp Duty to £250,000.
Once the Stamp Duty holiday ends and the threshold returns to £125,000 the result will be nearly 45% of first time buyers having to pay Stamp Duty once again. In Greater London the figures will return to only 4% of first time buyers being exempt from Stamp Duty but figures will be better in the North where there are more affordable houses.
Do you require a search on a property before the Stamp Duty Holiday ends? Pali can help you, please email email@example.com or call 0151 691 1170 with any enquiries.
Amanda McGovern, Pali Ltd(0) Comments
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