We have warmly welcomed the Chancellor's announcement to drastically cut Stamp Duty in England.
In his summer economic statement yesterday afternoon, the Chancellor, Rishi Sunak, unveiled a number of measures to mitigate the impact of the Covid19 pandemic. Included in his announcement was a cut to stamp duty. Previous to yesterday’s statement, there is no stamp duty on transactions below £125,000 (or £300,000 for first time buyers). The threshold has now been increased to £500,000. The change took immediate effect yesterday and will apply until 31 March 2021.
In his statement, the Chancellor pointed out that property transactions fell 50% in May, while house prices fell for the first time in eight years. He believes yesterday’s cut to stamp duty will help boost the housing market.
Peter Daborn, Partner in Roger Parry & Partners Shrewsbury office, said, “We have warmly welcomed the Chancellor’s announcement yesterday regarding Stamp Duty. Although he made a point of saying about the 50% fall in transactions in May. We have actually seen an increase in interest in country properties. As a result of the announcement, nine out of ten main home buyers will pay no SDLT at all in England. What we need now is a similar announcement from the Welsh Government.”
Richard Corbett, Partner in the Oswestry office and grant funding expert, added, “Interestingly, Stamp Duty was originally introduced in 1694 as a way to raise funds for The Nine Years’ War (1688-1697) against Louis XIV of France and applied to property and some legal documents. Stamp Duty has been with us ever since!”
Those looking to buy or sell a property with Roger Parry & Partners can rest assured that strict procedures are in place to keep house hunters and vendors safe. The firm is highly recommending an initial virtual viewing before a second appointment is arranged in person. Viewings will adhere to strict social distancing rules and occupants will be asked to vacate the property during viewings.
The Chancellor also announced £2bn of funding for Green Home Grants. As part of this scheme homeowners will receive vouchers to pay for at least two-thirds of green improvements such as loft, wall and floor insulation. The grants could make over 650,000 homes more energy efficient and could save households up to £300 a year on their bills.
Peter added, “The Green Home Grants could be a huge benefit to those of our clients living in traditional farmhouses that are not perhaps as well insulted as they should be. Our team of experts would be happy to help our rural clients apply for these grants if they need assistance.”
From September, homeowners and landlords will be able to apply for the Green Home vouchers to make housing more energy efficient whilst creating local jobs.
All Roger Parry & Partners’ offices are now back open. Please contact your local office, details are on the website: www.rogerparry.net