Published: 28/12/2020You need to act fast if you want to benefit from the Stamp Duty holiday. It takes an average of 12 weeks to complete on a property once an offer is accepted and it’s just 15 weeks to the 31st March when it ends.
The cut, which came into effect on 8th July, applies to all residential property purchases up to £500,000, offering savings of up to £15,000. This applies whether you’re buying your first home, a holiday or second home, or an investment property - the 3% surcharge for additional residential properties (over £40,000) still applies, but the potential saving of £15,000 is the same.
Rates during the Stamp Duty holiday are:
Stamp Duty All Additional
£500,001 to £925,000 5% +3%
£925,001 to £1.5m 10% +3%
Over £1.5m 12% +3%