Skipton International has welcomed today’s announcement by Chancellor Rishi Sunak that the UK’s Stamp Duty Land Tax (SDLT) holiday’ has been extended to 30 June.
The government’s stamp duty holiday was originally due to end on 31st March and it is likely that anyone considering the purchase of a UK by-to-let property would have needed to start the ball rolling some time ago if they were to take advantage of the opportunity, given current market delays.
The holiday allows overseas resident purchasers to generate as much as a £15,000 saving on a property purchased at £500,000. The extension will now allow investors a further opportunity to take advantage of such savings. In addition, the rate band will change to £250,000 from 1st July to 1st October, and the usual level of £125,000 will only return on 1st October.
Roger Hughes, Business Development Manager at Skipton International, said: “Since the announcement of the SDLT holiday last year, Skipton has experienced a significant increase in applications which has led to our mortgage teams being kept incredibly busy.
“During these difficult and challenging times there may be matters outside of our control that result in our UK Buy-To-Let mortgage process becoming more protracted, as valuations are affected by lockdown protocols and Searches are tougher to obtain. However, Skipton International remains committed to providing all customers with the highest possible standards of service”.
