There’s no doubt that the stamp duty holiday will enable many people, who were perhaps worried about affording the fees associated with moving house, to now do so. It also acknowledges that it’s not just first time buyers who need help when it comes to moving house, as previously, first time buyers were the only buyers who had exemption rights before the announcement.

Deputy CEO of Mortgage Advice Bureau, Ben Thompson, gives his views on the recent announcement:

“The housing market has been through many cycles, but incredibly over the last 13 years has had to deal with a once in a lifetime global financial crisis, a once in a lifetime exit from the European Union and now a once in a lifetime global pandemic. During this last decade, stamp duty has also increased significantly and although we’ve seen a relatively recent overhaul of this tax, the new levels prove to be a genuine financial barrier for many people who simply need to move home.

“So we welcome today’s announcement, as it should bring some new transactions forward and create new home moves more quickly, thereby boosting the economy and jobs.

“It remains clear, however, that the Government needs to not only continue to purposefully work towards increasing the supply of homes for sale, but it also must find a means through further stamp duty changes to create a more fluid and mobile housing market, thereby not only helping people move to homes they need, but also helping economic productivity at this critical time.”

Use our stamp duty calculator to work out how much tax (if any) you might have to pay.