Following on from the summer statement from this week and in particular the changes to stamp duty land tax, we wanted to send out our own summer statement to help you with any decisions you may be looking to make around your own property decisions.
The summer statement affects us all. Vendor, landlord, buyer or tenant, all of the measures within the statement have been created because we are heading into a recession.
What makes a recession? This is when the economy contracts for two quarters consecutively and we know that is about to happen and we also know that the economy is going to shrink this year probably more significantly than it has done in a long time.
However, we also know that the recovery rate from this recession could potentially be quick, as behavioural scientists and economists are predicting that the economy may even start to grow again by quarter 4 this year.
The measures taken around stamp duty land tax
How do they affect you and why could it still be a very good time to buy and sell?
The first thing to note is that if you are buying a property up to £500,000 and you acquire that property before next March 2021, you will not pay any stamp duty at all.
What if I am paying £550,000? That does not seem fair because now I have got to pay stamp duty, yes but only on the amount over £500,000 so not on the total amount, the first £500,000 is exempt from stamp duty.
The savings created by this new measure can be as much as £15,000 depending on the purchase price.
If you want to discuss the market and to find out whether, now is a good time to sell or buy, please get in touch. Tenants, this could be a good time to get on the housing ladder and landlords now could be a good time to expand your portfolio or liquidate your asserts.
Whatever your requirements are, we are here to help to provide you with the most relevant information to allow you to make the best property decisions for you and your family.
Please contact me of one of our experts anytime 020 8954 0045