The temporary stamp duty threshold of £500,000 is due to come to an end on 30th June, but home buyers will be pleased to hear they can still benefit from a tapered extension to the tax break.

From 1st July, the nil rate threshold will change to £250,000 until the end of September, before returning to its pre-Covid level of £125,000 on 1st October.

This means there is still time for home-movers to save money by significantly reducing the amount of stamp duty land tax that is payable on property purchases.

The tax holiday, originally announced on 8th July 2020, means buyers can avoid stamp duty on property purchases up to the value of £500,000 that complete before the deadline of 30th June.

Within a buoyant housing market, leading property website Rightmove is reporting a new national record for the price of property coming to the market, hitting an average of more than £333,000. Demand is continuing to exceed supply with Rightmove director of property data Tim Bannister citing the pandemic as responsible for a greater focus on the home and a surge in demand for coastal and rural areas.

If you’re looking to buy or sell in Plymouth and the surrounding area this year, contact us to get moving.

For further information about stamp duty, see the stamp duty calculator link on our home page.