Many home buyers welcome the extension, as the original deadline of the 31st March left them struggling to complete their business.
The extension is predicted to further boost the housing market. The last stamp duty holiday proved successful, with UK house prices up 6% in December compared to the previous year*.
The revised stamp duty holiday extension, employed as part of the Government's Spring Budget, will end using a 'tapered' method. The current stamp duty threshold, of £500,000, will continue until June 30th.
From July 1st until September 30th, the threshold will lower to £250,000.
The extension resulted due to fears that many house buyers would fail to complete their transaction before the original deadline of March 31st, due to delays in the home buying system.
The Government have been praised for the latest extension, which will help further revive the property market after the impact of the COVID-19 pandemic.
Take a look at our Stamp Duty Calculator for more information on what you could save.
Additionally, the Chancellor announced Government-guaranteed 95% mortgages for properties valued up to £600,000, which comes as a relief for first-time buyers.
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