BREAKING NEWS: SDLT Cut Announced
Today, Wednesday 8 July 2020, Chancellor Rishi Sunak has announced that there will be a temporary cut to Stamp Duty.
The cut will take effect immediately and raises the threshold to £500,000 for all buyers.
The Chancellor said that he wanted to boost jobs in the sector and improve confidence of buyers and sellers, cutting SDLT is one way to do this.
Over the past couple of days the property sector has been in a slight frenzy, as the ripple effects of supposed Governmental leaks surrounding potential reforms to stamp duty land tax (SDLT) in a bid to regrow the economy following the coronavirus has been doing the rounds.
This should help stimulate the housing market and get things moving to try and get back to transaction levels seen atthe beginning of the year pre pandemic.
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