Changes to Stamp Duty will save homebuyers thousands.


Stamp Duty has been temporarily waived on properties up to the value of £500,000.


On Wednesday 8th July, as part of his Summer Statement, the Chancellor of the Exchequer announced that Stamp Duty is being temporarily waived. This is great news for homebuyers, saving you thousands.

What does this mean?

If you buy a home up to the value of £500,000 before March 2021, you will not be required to pay any Stamp Duty. At Hanborough Gate, our KensingtonBeechwood and Guildford homes all fall within this threshold.

For homes above this value, like the Milton or the Dashwood, the bands of Stamp Duty rates remain unchanged, but the raising of the minimum value means you will be paying less than you would before.

Who is this applicable to?

The temporary change affects all homebuyers looking to buy a primary residence, including first-time buyers.

If you’re buying a home that isn’t your primary residence, for example buy-to-let or a second home, the new rates are slightly different. Read more on gov.uk

How much will this save me?

We’ve broken down the savings for each of our available homes at Hanborough Gate:

 Home Type

Asking Price

Old Stamp Duty

New Stamp Duty

Saving

The Kensington, 2 bedrooms

£315,000

£5,750

£0

£5,750

The Beechwood, 3 bedrooms

£365,000

£8,250

£0

£8,250

The Guildford, 3 bedrooms

£385,000

£9,250

£0

£9,250

The Dashwood, 4 bedrooms

£560,000

£18,000

£3,000

£15,000

The Winnersh, 4 bedrooms

£590,000

£19,500

£4,500

£15,000

The Southmoor, 4 bedrooms

£735,000

£26,750

£11,750

£15,000

The Milton, 4 bedrooms

£750,000

£27,500

£12,500

£15,000

I’ve already reserved a home – do I still benefit?

The requirement to pay stamp duty is triggered when you complete the purchase of your home. So if you've exchanged prior to 8th July but not completed, you'll benefit from the increased thresholds.

If you’re interested to find out more about your options, get in touch with the team by email or phone.

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