by: Mary-Anne Bowring/Property Wire
Chancellor Rishi Sunak is expected to announce a temporary increase to the stamp duty threshold after news on the subject was leaked to the press. Currently stamp duty is charged at a rate of 2% between $125,000 and £250,000, as well as 5% between £250,000 and £925,000. The new threshold could be raised to start from somewhere between £300,000 and £500,000, while this could last six months or a year.
The Chancellor could make an announcement on the subject tomorrow, when he makes an economic statement. While there’s talk that this could stimulate the housing market, it could also dampen things down if people are left waiting for a stamp duty cut before they buy. Mary-Anne Bowring, group managing director at Ringley, said: “Eliminating additional stamp duty for buy-to-let investors would help stimulate the supply of rental homes while also driving wider activity in the housing market. “Landlords are a crucial source of development finance through off-plan sales and will help support getting Britain building again.”
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