Earlier this morning the Chancellor announced that the government will temporarily increase the lower stamp duty threshold from £125,000 to £500,000.
From 8 July 2020 until 31 March 2021 no stamp duty will be payable for anyone purchasing their main home with a purchase price of up to £500,000.
This means if you are completing on the purchase of your property that you intend on being your permanent residence between now and 31 March 2021 you will not pay any stamp duty.
For anyone buying their second home or buy to let property they too will benefit, however they will pay 3% on the entire price.
See our Conveyancing services for more information.