10th September 2020 In Blog

Stamp Duty Relief and the UK Housing Boom

The temporary Stamp Duty relief has dramatically impacted house asking prices across the country which have hit a record high of 5.2% this August (with an average property price going over £245,000 for the first time on record). This price surge comes as a massive boost for the housing market that reached some new all-time lows earlier this year.

The post-lockdown reopening and Stamp Duty (SDLP) threshold change from £125,000 to £500,000 have resulted in a housing “mini-boom” bringing critical savings for home buyers and sellers. However, the current surge in house sales may soon be affected by the ongoing economic recession and the rising unemployment rate in the UK.

If you have any property related questions, or you are planning on buying or selling a property, we recommend getting in touch with our expert conveyancing solicitors. We can help you manage the entire process, whether you are interested in purchasing your first home, buying to let or remortgaging. Call us on 0161 835 2446 for a no-obligation quote or free initial consultation. MWG’s Conveyancing solicitors in Manchester

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