Stamp Duty extension set to save home buyers in the South East over quarter of a billion pounds – more than anywhere else in the country
9th March 2021
Average homebuyer in the region set to save nearly £6,000
46,000 home buyers who have already agreed a sale set to benefit from £271m in savings
Zoopla says ‘now is the time to agree a sale’ for homeowners still looking to benefit
Research from Zoopla, the UK’s most comprehensive property destination, has revealed the extension to the stamp duty holiday will offer a massive boost to home buyers in the South East, saving purchasers in the region a combined £271m*, more than any other region in England.
Last week’s announcement was great news for homebuyers as property purchase tax on homes will continue to be suspended on the first £500,000 of all sales in England and Northern Ireland until the end of June. After this date, a stamp duty holiday will continue on the first £250,000 of any home sale completed before the end of September. The threshold will then return to £125,000, as it was before the Chancellor introduced the popular ‘stamp duty holiday’ which was aimed at stimulating the housing market
And it certainly did so in the South East, where there are currently 46,000 homes sold subject to contract - more than any other region in the country. The huge £271m savings reflect the combined effect of so many homes being sold and the high average value of homes in the region, which currently stands at £343,900.
The stamp duty holiday ensures the average home buyer in the region will enjoy an estimated saving of £5,900** on the purchase of their new home, a very tidy sum indeed.
At a national level the stamp duty holiday is set to benefit 234,500 homebuyers who have already agreed a sale subject to contract, saving them a total of £987m. This means well over a quarter of all financial savings nationally will be going to those in the South East.
Grainne Gilmore, Head of Research, Zoopla, said: “The Chancellor’s extension of the stamp duty holiday is great news for all buyers who agreed a sale over the last two months with little or no expectation of completing their purchase in time to make the savings. Tens of thousands of buyers currently in the process of agreeing a sale may also benefit from the full savings of up to £15.000.
“We estimate that a further 280,000 buyers active in the market up to the end of May will benefit from savings of up to £2,500 as a result of the Chancellors ‘tapered’ extension, as long as they complete their purchase by the end of September. So now may be the time to act if you’re thinking about your next home and want to take full advantage of the stamp duty holiday.”
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