Chancellor Rishi Sunak announced in his Budget for 2021 that the stamp duty holiday on house purchases will be extended for a further three months - excellent news for potential Berkeley DeVeer homebuyers.

Now, if you buy a home up to the value of £500,000, you won’t need to pay any Stamp Duty, and even if you are buying a home over £500,000, you will make a saving - so it is the perfect time to step into a new property.

What could the changes mean for you?

Stamp Duty is the tax charged by the Government when you buy a home.

No Stamp Duty is payable on homes up to £500,000, so you could save up to £15,000 until 30th June 2021. From 1st July 2021, if you or anyone else buying your home is a first time buyer and the purchase price is under £300,000 you will pay no Stamp Duty.

If the purchase price is between £300,001 and £500,000 you will only be required to pay 5% Stamp Duty on this portion. From 1st July until 30th September, there will be an interim £250,000 threshold, meaning existing homeowners could save up to £2,500.

It will be returning to normal from October, so act now to get the benefit from these savings.

You can find the full budget breakdown on the Government’s website and a Stamp Duty calculator here.