Stamp duty extension call: Kent experts urge more help for homebuyers
Published: 10:15, 19 January 2021
Housebuyers face a race against time to benefit from the stamp duty holiday before the big-money saving window slams shut at the end of March.
Chancellor Rishi Sunak appeared to rule out an extension to the holiday last week, which was introduced to kick-start the housing market after the impact of the pandemic.
The current tax break means that the first £500,000 of any property purchase is exempt from stamp duty, which can save buyers up to £15,000
Due to end of March 31, it means those buying a property under £500,000 pay no stamp duty at the point of completion - which for top end properties means a saving of up to £15,000. A property worth £340,000 - the average price a property in Kent sold for in 2019 - would carry a £7,000 stamp duty bill.