Home buyers responded to with pleasure Rishi SunakAnnouncement in today's mini budget to freeze stamp duty.
The Chancellor said he would immediately raise the stamp duty to £ 500,000 by March 31, 2021.
In the real estate market, Sunak said real estate transactions fell 50 percent in May and property prices fell for the first time in eight years.
He announced that he had decided to lower stamp duty and told the Commons: “There is currently no stamp duty on transactions below £ 125,000.
"Today I am raising the threshold to £ 500,000. This is a temporary cut that runs until March 31, 2021 – and as always, these changes in stamp duty will take effect immediately.
& # 39; The average stamp duty will drop by £ 4,500. And almost nine out of ten people who buy a main house this year don't pay any stamp duty at all. & # 39;
In a conversation with MailOnline earlier today, homeowners said they would use tax vacation to renovate their homes and use local suppliers to support the economy.
Jenny Stallard, 42, journalist and founder of the wellbeing platform Freelance Feels, and Geoff Holliday, 46, move from Hornsey, north London, to Chipping Norton, Oxfordshire. You pay £ 476,000 for the new property.
Ms. Stallard said: “So we wanted to move for a while to get more space (so we can get dogs too!), And for me it's also about business.
“I want to move from journalism to other writing opportunities and build freelance feelings, and it feels right not to be in London.
"We found a house and waited a while to move – the lock was not helpful! But we knew it was the same for many others, so we held on.
Jenny Stallard, 42, journalist and founder of the wellbeing platform Freelance Feels, and Geoff Holliday, 46, signpost master planner. move from Hornsey, north London, to Chipping Norton, Oxfordshire
“Since we are both self-employed, securing a mortgage was a challenge, but we are there and excitedly waited for an exchange date that is every day.
“The news that the stamp duty vacation could take place is simply wonderful for us. When you buy and sell there is so much to pay – moving around for example costs £ 1500 (a fair price but still costs extra) and things like surveys, new white goods, renovations.
“No stamp duty gives us time to renovate and settle in, which is also a bonus as a newly engaged couple. We worked so hard to keep our businesses alive during the ban, and that's great news for that reason.
“Everyone who is self-employed knows how difficult it is financially at the moment. I have not received a government grant, so I think this is my alternative if it happens.
I check the messages every minute (well, it feels that way) to see if they're set up. And I am also happy for our buyer and for everyone else for whom this is happening.
“We have all been waiting to move and balance our books to make this possible. This will help make our dreams come true.
Mr. Sunak traded in stamp duty after leaked reports revealed that he was considering cutting his main budget this fall.
Economists and real estate experts warned that the delay could freeze the real estate market, and buyers postponed their purchases until the fall to avoid paying thousands of pounds in tax.
Jack Hardie, 23, is an accountant and first time buyer who hopes to complete his One bedroom apartment in Wandsworth costs £ 371k. The stamp duty would have been £ 3.5k.
He said: "It's just really good timing for me, hopefully I'll be close to finishing by the end of the week. I accepted an offer before the coronavirus pandemic, but everything came to a standstill.
“Even if there were no stamp duty leave, that wouldn't stop me from buying it. But it means I can spend on my property.
Jack Hardie, 23, an accountant who wants to buy a one bedroom apartment in Wandsworth for £ 371,000, which means the stamp duty would be £ 3.5,000
The housing industry praises Sunak's plan to boost Britain's economic recovery.
The housing industry supported the freeze on Chancellor Rishi Sunak's stamp duty that he announced at lunchtime.
Mary-Anne Bowring, Group CEO at Ringley and developer of the automated rental platform, comments PlanetRent:
& # 39; The Chancellor's proposals to exempt most home buyers from paying stamp duty to boost Britain's economic recovery are welcome news.
“A stamp duty holiday would undoubtedly lead to a rush of transactions and help breathe life into a real estate market that was frozen in the fight against the corona virus.
And Jeff Doble, founder and chairman of DEXTERS, says: & # 39; The Chancellor's stamp duty announcement is welcome as it will help so many people buy a house in London and boost the market in time.
“I can modernize the bathroom and get new furniture. I originally wanted to work for a few months and then wait.
& # 39; But this announcement will bring everything forward, it will be beneficial. Instead of spending the money on stamp duty, I use it in my apartment. & # 39;
Mr. Hardie added that he would use local do-it-yourself supplies to boost the economy.
23-year-old Charlotte Bristowe hopes stamp duty will be abolished as she will save £ 1,900 and will use the funds to buy new furniture.
The tech advisor has submitted a mortgage application for the second property she will buy.
She sold her first property before the Corona virus broke out.
Ms. Bristowe from Tadcaster, York said: “It would be great if the government canceled stamp duty because it would save us almost £ 2000.
“The money can be used for new furniture!
"I don't think it's important that it will take six months because it helps first-time buyers save a huge chunk of the money.
& # 39; It will definitely get the market moving again.
“I am concerned about rising taxes, but I think they still have to because the government lost a lot of money during the pandemic.
"They had to help many people who were facing financial difficulties – including me – I was on leave for three months."
Charlotte Bristowe, 23 (pictured), hopes the stamp duty will be canceled as it will save £ 1,900
Chris Scott, 37, of Hampshire, said all the parties in his chain were ready to exchange, but were waiting for Mr. Sunak's announcement at lunchtime.
"Well, we should exchange last Friday, but everyone was late … until today!" Mr. Scott said.
“Everyone in the chain has woken up to the possible news today and everyone is ready to talk now and then move on Friday. But we wait until after the lunch announcement.
"If there is an announcement of an immediate freeze, we will personally save £ 7,400 and I know the chain above will save more."
Chris Lintetty, 39, is currently in the process of buying a £ 400,000 property in Gatwick, Surrey, but fEars for his future if the stamp duty is canceled for six months because it is only "advantageous for a short time".
The father of two, an online seller, said: “The house I want to buy in the next three weeks is currently in the evaluation phase.
“I would prefer the stamp duty to be paid over a long period of time rather than being canceled for a few months and leaving a big hole in the Treasury.
“It would be more beneficial for the government and home buyers to pay stamp duty without interest.
“This way, home buyers don't have to save that much.
"I'm worried about how the temporary abolition of stamp duty will affect my future – I can imagine that taxes will go up!"
Katie Smith, 26, is in the process of buying a second property for rent to tenants.The railroad customer service representative from Carlisle, Cumbria, saves £ 2,370.
She said: “In my opinion it is easier to pay the stamp duty in advance so that you don’t have to worry later.
Katie Smith, 26, is in the process of buying a second property for rent to tenants. The railroad customer service representative from Carlisle, Cumbria, saves £ 2,370
“I don't want to pay any additional costs after six months if I now have the money on hand.
“I think it would be beneficial to pay for it immediately, because it helps me personally and immediately benefits the economy.
"I think this could increase the stress for new homeowners because they have to remember to save the money to pay it later so they have more money in advance and may then go into debt when confronted be a big bill.
April Wellington, 41, is looking for a flat while waiting for the government to return to work.
The mother of a child owns a semi-permanent academy of makeup and aesthetics, but is thrilled to discover that stamp duty has been canceled for six months as she is currently looking for a home.
Ms. Wellington of Birmingham, West Mids, said: “The past few months have been very frustrating, but I'm happy to see things are slowly returning to normal.
April Wellington, 41, is looking for a flat while waiting for the government to return to work
“I am currently looking at houses, so it is encouraging to hear that I may be able to move earlier than I thought there would be no further upfront payment.
“I have a feeling that it will be less stressful because this is one less thing to worry about.
& # 39; It definitely took a weight off my shoulders.
"I hope the beauty industry will get back to work next – this way I can start saving on stamp duty – if I find a new property within six months!
"The stamp duty definitely worked in my favor."
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