As you may have seen in the news this week, the government has temporarily extended the 'nil rate' of Stamp Duty Land Tax on homes up to the value of £500,000 until 31 March 2021 .
This measure, announced as part of a 'plan for jobs' designed help kick-start the economy following the Coronavirus imposed lockdown could save first-time buyers up to £10,000 and second steppers and other home buyers as much as £15,000, making the cost of buying a home more affordable.
The new nil rate will apply to any sale completion that takes place between 8 July 2020 and 31 March 2021, there are some exceptions (including where the majority of the purchase in financial terms has taken place, where the buyer has already moved in or where the buyer is already collecting rent on the property through a sublease – buyers should check with their solicitor) and will help both buyers to buy and sellers to sell more easily during this difficult time.
Across the housing supply chain, this measure will help stimulate activity, supporting jobs and, for housing associations such as Notting Hill Genesis who use sales income to fund the provision of much needed affordable housing, this short-term measure is also likely to have a positive impact on our ability to meet our social purpose.
Notting Hill Genesis have appointments available for five days a week across all our developments, make the most of this tax break and take the first steps to making your move by visiting www.nhgsales.com and registering your interest or contact our Sales Enquiries Team for further information at 020 3815 2222