Rishi Sunak unveils stamp duty freeze on homes worth half-a-million pounds or less - as buyers delight at extra cash to spruce up their new properties thanks to savings of up to £15,000

by: Mary-Anne Bowring/This is Money

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Home buyers' have reacted with joy at Rishi Sunak's announcement in today's mini-budget that he will freeze stamp duty. The Chancellor said he would immediately raise the threshold on stamp duty to £500,000 until March 31 2021. The measure, which temporarily increases the 'nil rate' band of stamp duty from £125,000 to £500,000, will reduce the average stamp duty bill for a main home from £4,500 to zero. Buyers can potentially save up to £15,000.

Mary-Anne Bowring, group managing director at Ringley and creator of automated lettings platform, PlanetRent comments: 'The Chancellor's proposals to exempt most homebuyers from paying any stamp duty under plans to kick-start Britain's economic recovery is welcome news. 'A stamp duty holiday would no doubt cause a rush of transactions and help breathe life into a housing market that has been put into deep freeze in an effort to battle coronavirus.



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