What does the Stamp Duty Holiday extension mean?

The Stamp Duty holiday in England has been extended, but with a limited number of new Chestnut Homes available, you’ll need to move quickly to save up to £15,000.

What does the Stamp Duty Holiday extension mean?

Exactly that! Anyone buying a Chestnut Home within the next few months can benefit from paying no Stamp Duty and save up to £15,000*

When does the Stamp Duty Holiday extension start?

Straight away! As of 3^rd March, the extension has been applied to all homebuyers looking for their next home. You must be quick, as there are a limited number of Chestnut Homes that this applies to.

What is the Stamp Duty Holiday limit?

You can save up to £15,000 on your next home up to the value of £500,000. This means that you will pay £0 on Stamp Duty for homes under £500,000 and you will only pay regular Stamp Duty rates on the value above. For example, a house with a purchase price of £600,000, would mean no stamp duty is payable on the first £500,000, and stamp duty at the normal rate would be payable on the £100,000 difference.

How much can I save?

To take advantage of this saving you must reserve and complete on your new Chestnut Home before the ‘stamp duty holiday ends. The sales team at the marketing suites will be able to discuss with you which new Chestnut Home this will apply to.

On the 2 bedroom ‘The Nook’ at The Quadrant, on the market at £174,950, you could save £999 on stamp duty costs* 

On the 3 bedroom ‘The Rest’ at Kings Manor, on the market at £261,900, you could save £3,095 on stamp duty costs*

On the 4 bedroom ‘The Elders’ at The Meadows, on the market at £289,950, you could save £4,497.50 on stamp duty costs*

On the 5 bedroom ‘The Farnham’ at The Meadows, on the market at £475,950 you could save £13,979.50 on stamp duty costs*

How long will the Stamp Duty Holiday last?

The recent announcement from the Government states that the new extension will last until June 2021.

Additional Stamp Duty Holiday information

The Government also confirmed that the Stamp Duty Holiday will be further extended but slightly restricted up until September 2021. This means that from June 2021 until September 2021, the Stamp Duty Holiday will only be available on homes up to the value of £250,000 – this could still save you £7,500 on your next home, but make sure you’re quick to reap the benefits of these cash savings!

What happens if I’m a first-time buyer after October 2021?

Since November 2017, people buying their first home for less than £300,000 haven't had to pay any stamp duty at all. First-time buyers purchasing properties for between £301,000 and £500,000, meanwhile, don't have to pay stamp duty on the first £300,000. Stamp duty of 5% will be charged on the amount between that and £500,000. First-timers buying homes for more than £500,000 will have to pay stamp duty at the standard home mover rates.

For more information on the Stamp Duty Holiday and how we can help to get you moving, arrange a 1-2-1 appointment with one of our friendly sales advisors.

*Different rates of stamp duty apply if you own more than one property.