Stamp duty holiday

Slee Blackwell are one of North Devon's leading conveyancing solicitors, with conveyancing teams located in each of our offices in Barnstaple, South Molton, Bideford and Braunton. To speak to one of our North Devon conveyancers call 01271 372128. If you would like a detailed quote you can request one here.

What impact will the stamp duty holiday have on the North Devon property market?

Following the government’s announcement that for a temporary period there will be no stamp duty to pay on property purchases up to £500,000, North Devon conveyancer Louise Langabeer looks at what this is likely to mean for property buyers in North Devon.

Stamp duty, or stamp duty land tax (SDLT) to give it its full title, is a tax paid by the purchaser of property or land. The amount of tax payable is based on the purchase price.
Until the announcement of the stamp duty holiday, stamp duty was payable on any property costing more than £125,000, unless the purchaser was a first-time buyer when the threshold rose to £300,000.
Under the government’s new rules the starting threshold is increased to £500,000 on all transactions taking place before 31 March 2021. The aim is to energise the property market following the blow dealt to it by the coronavirus pandemic when property transactions were frozen.
For property that is sold for more than £500,000 stamp duty is now charged at 5% on the additional slice, up to £925,000.
Of particular interest to many property owners in North Devon, this change will apply to second homes, though those properties will still attract a 3% surcharge. Landlords and investors are also set to benefit.

Lee Dawkins

Lee Dawkins

Over the past 30 years Lee has overseen the expansion of the firm’s litigation department. He developed our personal injury and clinical negligence teams, creating various niche areas that now enjoy a national profile. He pioneered contentious probate, setting up one of the UK's leading inheritance dispute teams and established Slee Blackwell as a force within claimant professional negligence. He now works as the firm's marketing partner.
Lee Dawkins

Lee Dawkins

Over the past 30 years Lee has overseen the expansion of the firm’s litigation department. He developed our personal injury and clinical negligence teams, creating various niche areas that now enjoy a national profile. He pioneered contentious probate, setting up one of the UK's leading inheritance dispute teams and established Slee Blackwell as a force within claimant professional negligence. He now works as the firm's marketing partner.

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