Stamp Duty Cut

It has been announced earlier today, buyers will pay no ‘Stamp Duty’ on the first £500k when they move home starting from today until 31st March 2021. 

Nearly 9 out of 10 people getting on or moving up the property ladder will pay no Stamp Duty at all.

In the first half hour of the announcement of the ‘stamp duty’ holiday traffic from MortgagesRM jumped by 22%

There are over 510,000 properties £500,000 and under on Rightmove in total, making up 81% of all properties for sale in England.

People enquiring about properties £500,000 and under on Rightmove makes up 84% of all buyer enquiries in England

Rightmove recorded its busiest every day for visits to the site 8th July, with 8.5 million visits

Since the chancellor announced the stamp duty cut on Wednesday 8^th July, the team at MortgagesRM analysed the potential stamp duty savings for areas around Doncaster, Sheffield and Hull would most benefit from stamp duty threshold being raised to £500,000.

For those who are not first-time buyers, this applies to you. The current average asking price is between £450,000 and £500,000.

The Average asking price June 2020

Stephen Kerrigan, your fee free mortgage advisor says: “Buyers in higher placed areas with bigger deposits would benefit most, but there is currently a record housing demand. However, the property market also needs the ability for lenders to extend the availability of low deposit mortgages.”