EARLIER TODAY, Rishi Sunak announced the 2021 budget.
One of his announcements was about the stamp duty holiday which was previously scheduled to end at the end of March.
However, this deadline has been extended until 30 June, meaning prospective buyers still have the chance to make savings on their properties.
The new £500,000 nil rate band for #StampDuty won't end on 31st March, it will end on the 30th June.
— Rishi Sunak (@RishiSunak) March 3, 2021
Then, to smooth the transition back to normal, the nil rate band will be £250,000, double its standard level, until the end of September. #Budget2021 pic.twitter.com/jq7APWRP5M
Additionally, to smooth the transition back to normal after June, the nil rate band will be £250,000 (double its standard level) until the end of September.
What is stamp duty?
Previously, property owners had to pay tax on all property over £125,000- or £300,000 for first-time buyers.
Property between £125,001-£250,000 would be taxed by 2%, £250,001 to £925,000 by 5%, £925,001 to £1.5 million by 10%, and anything above £1.5 million by 12%.
Under the new measures, properties under £500,000 won’t be taxed at all.
You pay 5% on £500,000 to £925,000, 10% on £925,000 to £1,500,000, and 12% above £1,500,000.
Rightmove's data
Within five minutes of the Chancellor’s announcement the use of Rightmove’s mortgage calculator jumped by 25%.
According to data from Rightmove, people enquiring about properties under £500,000 on Rightmove makes up 84% of all buyer enquiries in England.
They estimate that 300,000 transactions could get through by the end of June saving buyers £1.75 billion in total.
According to Rightmove’s property expert, Tim Bannister, this is great news for people who have already been going through the sales process, narrowly missing the first March deadline.
He added: “Our recent data shows one in five sales that were agreed in the same month the stamp duty holiday was first announced in July last year still haven’t completed, so this additional time will make a big difference to help those stuck in the logjam complete their purchase in time before the new end of June deadline.”
If you have been putting off buying a house and want to see if you can buy a property before the new deadline, here are some homes across Cumbria that you won’t have to pay stamp duty on until July.
Redoak Avenue, Barrow
£425,000
This property is described as a “stunning” family home situated in the popular residential location of Holbeck.
It benefits from a large garden, with spacious interiors and modern furnishings throughout.
Clothes lovers will also be in their element as the master bedroom has a ‘must-have’ walk in wardrobe and an en-suite bathroom.
For many, this is considered their dream home- but can you submit an application before the stamp duty deadline?
If so, first time buyers will save £6250.
Rock Lea Close, Barrow
£499,995
This property is under the stamp duty threshold by just £5.
If you buy this house before the June stamp duty deadline, first time buyers save a whopping £10,000 and those moving home will save an impressive £15,000.
The five bedroom house itself has a lot to offer.
The master bedroom has a walk-in wardrobe along with an en suite bathroom.
It also benefits from an enviable back garden, which is quiet and secluded.
Milestone House, Penrith
£450,000
This property is under the stamp duty threshold by £50,000.
Without the stamp duty holiday, first time buyers would have been forced to shell out an extra £7,500 on top of their deposit.
The five bedroom barn conversion could be a beautiful place to live, as it benefits from picturesque views of the Lakeland Fells.
The kitchen is certainly the heart of this home, as it is fitted with a range of cream units as well as oak work surfaces.
Blencathra Gardens, Kendal
£485,000
On the market for a five bedroom home in Kendal?
If so, this one is available and benefits from off road parking and a show-stopper kitchen.
After June, first time buyers will have to pay an additional £9250 while those who already own properties will have to pay an extra £14,250.
Green Hills, Skelsmergh, Kendal
£435,000
This stone built bungalow boasts spectacular views of the Lake District and is said to be a “spacious and versatile” family accommodation.
While this is certainly an enviable home you could be looking at some large stamp duty costs.
After the deadline passes, those who currently own a property and are looking for another will have to pay an additional £24,800- almost double what they would have to pay now (£13,050).
Julia Drive, Whitehaven
£425,000
Ideal for large and growing families, this property has seven bedrooms and three bathrooms.
It’s situated in a quite village location with views over an open field.
It was completed around five years ago to an incredibly high standard with quality fixtures and fittings.
Under the new stamp duty holiday, first time buyers save £6,250 while those who are moving house save a whopping £11,250.
If you already own property, you will have only have to pay £12,750 instead of £24,000.
Wordsworth Court, Carlisle
£475,000
If you have ever dreamed of owning your very own bungalow, now is your chance.
This five bed home has been individually designed and boasts stunning views of the River Eden.
Best of all, it has a secluded rear garden which would be a dream to relax in during the summer months.
After June, first time buyers will have to pay £8,750- until then, they only need to worry about their deposits.
Edenglass, Scotby, Carlisle
£495,000
On the market for a five bedroom home?
While it has a lot of potential, the property is in need of some renovation and modernisation.
The extensive gardens would benefit from some preening and the furnishings could be modernised.
Now that the deadline has been extended, first time buyers can put the £9,750 savings towards renovations.
Beckstone Close, Harrington, Workington
£350,000
This four bedroom house has recently been refurbished and decorated.
The kitchen is new and the bathroom has also been refreshed.
If you would like to own your very own refurbished home, you will need to get your offer in as soon as possible.
First time buyers will save £2,500 under the stamp duty holiday.
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