Stamp Duty Holiday Extended

In good news for homebuyers hoping to complete their purchase before the current deadline of the end of March, Chancellor Rishi Sunak has confirmed that the stamp duty holiday will be extended until the end of June, followed by a tapered approach until the end of September.

To ensure that buyers wont face a similar “cliff edge” at the end of June and to ensure a smoother transition back to normal, Sunak said that  the nil rate band will reduce from £500,000 to £250,000 from the end of June until the end of September, before reverting back to £125,000 from October 1st.

Rightmove recently estimated that 100,000 people could face an unexpected stamp duty bill amid delays in the home buying and selling process due to social distancing measures, illness and home-schooling.