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 Windsor-based Langham Homes.
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 fortunate to exceed 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. With only a few remaining houses at Foxglove Meadows in Witley, we are looking forward to opening our new show home early in April and welcoming back visitors in a Covid safe environment. We are also bringing forward the sales launch of our Slough town centre development, Imperial Central as well as looking at various new land opportunities.
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 the pandemic is under control”.