Stamp duty change to stimulate activity

Yesterdays announcement from the Chancellor that there will be an immediate increase in the Stamp Duty threshold is positive news for agents

• Here are four key takeaways:
  
  89% of sales will be exempt from the basic level of stamp duty, 73% more than today’s exemptions
  
  £3.8 billion could be saved by buyers, boosting the wider economy as they invest in home improvements, white goods and furniture
  
  In 28 local authorities across England the proportion of sales liable for stamp duty will fall to 10%, compared to 95% today
  
  The areas benefiting the most from the change are in and around London, where 95% of sales in some localities will not be liable for stamp duty

• Our Director Alwin Oliver said;
  
  “The suspension of stamp duty for properties below £500,000 is a very welcome back after property sales have been all but frozen since March” On  the impact for buy to let investors he continued “From what we can see the basic rate is removed but the 3% surcharge will still apply. If this is correct it will provide a welcome and very rare respite for investors as well as first time buyers. This can only help to stimulate the building industry as well, with many investors wanting to buy properties to improve for future yield.  We have a large number of HMOs suited to investors available for sale and welcome contact from experienced buy to let investors”