Many of our clients will be excited today to hear the Chancellor announce that the stamp duty threshold will temporarily (until 31 March 2021) be increased to £500,000 before any stamp duty becomes payable. This is a windfall for those clients who are about to complete on a property purchase where they could be saving as much as £15,000 and in my opinion this may encourage those who had contemplated buying their first property or moving home to start their search. 

Those buying a second property will also benefit from the changes with an overall  reduction in the amount of stamp duty to be paid.

This will certainly help support continued recovery of the residential property market and is welcome news for residential property lawyers.