Summer economic update: Sunak confirms stamp duty holiday in 'mini-Budget'

Mini Budget

Hannah Godfrey
clock • 2 min read

Chancellor of the Exchequer Rishi Sunak has confirmed a stamp duty holiday in a bid to boost movement in the housing market.

The change will take effect for those buying houses valued up to £500,000 and will last until 31 March 2021. The new discount comes into force immediately.  As a result of the change, nine out of 10 buyers will pay no stamp duty at all. Stamp duty is a tax levied on those buying property or land above a certain value. Currently, all house-buyers in England and Northern Ireland must pay stamp duty on properties over £125,000. First time buyers are exempt from stamp duty on properties worth up to £300,000, or, in higher priced areas such as London, on the first £300,000 on properties co...

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