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Chancellor Rishi Sunak has announced an emergency stamp duty holiday to help revive the stalled property market.
Homebuyers will be temporarily exempt from paying the tax for the first £500,000 of any property price, saving them an average of £4,500 and up to £15,000.
The increase in the threshold from £125,000 to £500,000 is effective immediately (8th July) and will run until the end of March 2021.
Let’s hope this measure brings about some much needed recovery to combat the economic downturn caused by the Coronavirus pandemic.
