Chancellor Rishi Sunak has given house buyers a major boost during his Summer Statement.
Starting immediately (July 8th) the level at which stamp duty becomes payable has been raised to £500,000 on all property sales in England and Northern Ireland, until March 31st next year.
According to Rightmove over 80 per cent of all residential properties fall into this price category.
The move is seen as a way of boosting the property market and providing help to buyers who may be struggling to get on, or move up, the property ladder because of the financial impact of the coronavirus crises.
One person who has welcomed the announcement is Ben Furnell, Managing Director of Furnell Residential. He said: “This is great news for buyers and the industry as a whole. We were already seeing positive signs as lockdown restrictions started to ease and this significant change to the stamp duty threshold will bring more buyers to the market.
“That will also see the demand for stock increase so it is the perfect time for those people considering selling to get their house on the market as soon as possible.”