Chancellor Rishi Sunak has confirmed that the Stamp Duty threshold will be increased to £500,000 immediately until March 31 next year.
He said the Government will temporarily increase the nil-rate band of residential Stamp Duty in England and Northern Ireland from £125,000 to £500,000.
This will apply from today 8th July 2020 until March 31st 2021.
The Treasury said nearly nine out of ten people getting on or moving up the property ladder will pay no Stamp Duty at all.
The aim is to boost the housing market and the wider economy to help the UK recover from the consequences of the coronavirus pandemic when the property market was closed from the end of March until mid May.
Our property portals have reported increased demand since the market reopened but this will be further welcome news.
Rightmove said there are more than 510,000 properties with asking prices under £500,000 on the portal, making up 81% of all residential stock for sale in England and that 84% of buyer enquiries on Rightmove are for properties priced under £500,000.
This certainly sounds like great news to help people move forward reducing the moving costs significantly.
For more information on the thresholds and reduced rates please visit;
Talk to your local RMS branch to see how we can help you get moving.