Due to the struggling housing market because of the Covid-19, Chancellor Rishi Sunak is expected to make an announcement on wednesday 8th July, 2020. He is expected to make plans for a temporary six month stamp duty holiday.
Currently buyers don’t pay any stamp duty on the first £125,000 of the value of the property, then you pay 2% from £125,000 up to £250,000 and 5% on £250,000 to £925,000.
If you are a first time buyer and purchase a property for £300,000 or less you will not have to pay stamp duty.
If the Chancellor does decide to go ahead with the stamp duty holiday, the stamp duty threshold could be set as high as £500,000.
Chancellor Rishi Sunak has been in his role since February 2020, he has authorised some of the biggest increase in spending by any Chancellor in recent history.