Today’s announcement to extend the Stamp Duty holiday for a further three months by Chancellor Rishi Sunak is a welcome stimulus to maintain activity in the property market says Tony K. Pidgley, Managing Director of Langham Homes Ltd.
It is imperative that the UK property market continues to thrive as it will be a vital component of a recovering economy that will enable us to emerge from recession at a faster pace now that our Government and remarkable NHS are gaining control of this awful pandemic.
Last summer, the government temporarily increased the 0% threshold for stamp duty to £500,000 for property sales in England and Northern Ireland. This tax break was due to end on 31 March, but Mr Sunak announced today that it will now end on 30 June. After this date, the starting rate of stamp duty will be £250,000 until the end of September when it returns to the usual level of £125,000.
Tony K. Pidgley comments: “Langham Homes has worked incredibly hard during the last year and has been very fortunate during these challenging times to be able to continue to provide essential housing for both the private and social housing markets.
Langham Homes has exceeded all sales expectations, selling out at our Pavilion Park development in East Molesey and having only one penthouse apartment remaining at The Exchange, New Malden. We are looking forward to our show home launch on the 3rd April at our most recent site in Witley, Surrey. With only 5 homes remaining at this 18 unit site we are looking forward to welcoming visitors in a Covid safe environment.
We are also delighted to be bringing forward the sales launch of our perfectly located Slough town centre development, Imperial Central as well as continuing to look at various exciting new land opportunities.