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Stamp Duty Welcome Boost to Economy and Wellbeing

Home owners still want and need to move house for numerous reasons despite, or in a few cases because of, the pandemic. That’s the feed-back from Shropshire residents to one of the county’s leading estate agents. 

 

Stamp Duty Cut

“The chancellor, Rishi Sunak’s temporary cut in stamp duty is a welcome boost,” says head of sales at Balfours, Alistair Hilton. Since the easing of lock down we have seen a number of sales go through. What we are now hoping is that the stamp duty cut will give a boost of confidence to those considering putting their property on the market. 

The recent announcement which raises the threshold on stamp duty to £500,000 until end of March 2021, should give those who are serious about moving the confidence to make that happen. Changes in stamp duty are nothing new; we have had four changes in the last ten years.

Now a house priced at £500,000 will save £15,000; even at £600,000 the bill will only be £5,000, when it would have previously been £20,000.

“Reading between the lines there is a chance that in next year’s spring budget the Chancellor’s won’t simply return stamp duty to what it was.  For most of us our home is the most expensive and prized purchase we will ever make, so to keep the market moving is not only a critical part of the UK’s economy, but also fundamental to our wellbeing  and therefore one worth nurturing in these difficult times,” Alistair adds.

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