The Government;'s announcement of a temporary scrapping of stamp duty on all homes under £500,000 has had an immediate effect here in Great Yarmouth. Within hours of the announcement local estate agent, Daniel Bycroft had already seen an impact. He confirmed that "the stamp duty change today has had an immediate impact with the sale of two properties this afternoon which had previous offers going nowhere." He continued, "this stamp duty saving has made the difference in purchasers affordability and will help sales"
This change will assist the housing market and boost confidence – helping to drive growth and create jobs.
From 9 July 2020 until 31 March 2021, we are increasing the threshold at which stamp duty applies from £125,000 to £500,000. Everybody buying a main home will see their tax cut, saving up to £15,000. Stamp duty for the average buyer will fall from £4,500 yesterday to nothing today. And nearly nine out of ten people buying a main home will pay no stamp duty whatsoever.