The government has announced a tapered extension to the stamp duty holiday!
The Stamp duty holiday was introduced on the 8th of July 2020 to provide a boost to the property market during the pandemic. The threshold was increased, which meant that there was no stamp duty to pay on properties up to £500,000. However delays to the conveyancing process during the pandemic meant that many were likely to miss out on the original deadline of 31st March 2021.
So when does the Stamp Duty Holiday now end?
The chancellor has announced a tapered approach to the extension, to avoid a cliff edge at a later date. Therefore these new deadlines now apply:
Up to £500,000 - 30th June 2021
Up to £250,000 - 30th September 2021
This is an extremely welcome update for many buyers, who will benefit from savings of between £2,500 - £15,000.