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Take advantage of the temporary stamp duty cut before time runs out…

From 8 July 2020, anyone purchasing a property will find that the threshold for paying stamp duty has increased to apply to properties of £500,000 or more, instead of £125,000 (or £300,000 for first-time buyers).

Prospective purchasers won’t need to pay stamp duty on properties they purchase that fall below this new threshold, as long as the property completes before 31 March 2021. The government estimates that “nearly nine out of ten people buying a main home this year will pay no stamp duty at all.”

Landlords purchasing a buy-to-let property in England and Northern Ireland would still pay an extra 3% of stamp duty on top of the rates paid by those purchasing their own home. The potential large cost saving from the stamp duty cut may prove tempting for landlords considering entering the rental market, or expanding their portfolio – an influx at just the right time to meet the current strong demand in the rental market.

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