What the stamp duty holiday extension means for the St Albans and Harpenden markets
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The stamp duty holiday has been extended for three more months, spelling good news for movers in St Albans and Harpenden.
Chancellor Rishi Sunak’s announcement in last week’s Budget means the temporary £500,000 nil rate band will now end on June 30 instead of March 31.
A £250,000 threshold will then exist from July 1 to September 30, before the original £125,000 cut off returns on October 1.
This means the current maximum saving of £15,000, applicable on the first £500,000 of any residential sale, will drop to £2,500 for three months from July 1.
Nick Ingle, head of residential at Savills in Harpenden, said: “The stamp duty holiday extension is the news the housing market had hoped for. It will allow record levels of under offer stock to complete without the pressure of the March 31 deadline, and bring badly needed stock to the market.”
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However, the nil rate band being set at £250,000 from July to September “will be a greater boost to sentiment than finances”, he said, adding: “This extension will likely be most keenly felt in the mainstream market. That said, what is good news for the mainstream market is definitely good news for prime, with positive sentiment carrying between the two.”
It will be business as usual for second home buyers and buy-to-let landlords; they'll qualify for the same savings, but must continue to pay an extra 3 per cent tax.
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First time buyers will again pay no stamp duty on the first £300,000 of their purchase from July 1, and 5 per cent on the portion between £300,001 and £500,000.