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Stamp Duty Land Tax Changes (SDLT)

Published: 09/07/2020

The Chancellor of the Exchequer, Rishi Sunak, has announced a temporary Stamp Duty Land Tax (SDLT) holiday on residential purchases in England and Northern Ireland up to a threshold of £500,000 until the 31st March 2021. The SDLT holiday came into immediate effect from 8th July 2020 and will apply to all residential transactions, including those which have already exchanged but not completed.

For prospective purchasers the SDLT holiday represents potential savings of thousands of pounds and may well bolster the strong demand for property that the residential offices of Woolley & Wallis have already witnessed since lockdown was eased for Estate Agents on 13th May. We expect active buyers already seeking property as well as those who were merely considering a move will now be re-doubling their efforts to secure a new home and to take advantage of the SDLT holiday.

This, in turn, may well be very refreshing news for our existing clients as well as those considering a sale who perhaps have been undecided until this point. A definite window of opportunity now exists for sellers to capitalise on what will undoubtedly be rising demand between now and 31st March 2021 and there may be no better time to have a property actively marketed. In these unprecedented times the move represents a welcome fillip for the housing market in England.

If you are considering selling your property in 2020 then our local sales office would be delighted to offer a free, no obligation Market Appraisal and clear, trustworthy advice founded on years of experience working at the forefront of our local markets.