Chancellor announces Stamp Duty holiday

Chancellor Rishi Sunak has announced an immediate stamp duty holiday on all property sales in England and Northern Ireland up to the value of £500,000 until March 31st 2021. The previous threshold was £125,000.

The move is intended to boost the housing market and is part of a package of measures designed to stimulate the economy as it emerges from the coronavirus pandemic. The chancellor called the initiatives a "plan for jobs" and highlighted the three-quarters of a million jobs supported by housebuilding.

"The immediate increase in the stamp duty threshold will help sustain the rebound in housing market activity across England," said Richard Donnell, research and insight director at Zoopla. "The benefits will be immediate; nine of ten transactions in England will no longer be subject to the tax and in London and the south east, home to more expensive properties, home buyers can save up to £14,999 overnight.

“The government will expect the change to stimulate more housing sales over the second half of the year and that savings made by buyers will be reinvested in home improvements, white goods and furniture, rather than bidding up the cost of housing."

The chancellor also announced a £2 billion Green Homes Grant, with …