There was some good news for home buyers announced on Wednesday 8th July as the Government announced the removal of Stamp Duty on buying a home under £500,000 until 31 March 2021.
The Chancellor of the Exchequer, Rishi Sunak made the announcement in Parliament as part of plans to help boost the economy and employment during the coronavirus pandemic. It followed an announcement that the property market had slowed since the onset of COVID-19 and that the change in Stamp Duty rules would provide a much needed boost to the economy and a helping hand to people looking to move home.
With no Stamp Duty the average home buyer could save on average £4,500 buying a retirement apartment at New Court where there are only five remaining one bedroom properties remaining.
The temporary measure announced by the Chancellor is expected to help nearly 90 percent of people getting onto, or moving along the property ladder. Prior to the Chancellor’s announcement the threshold where you start paying stamp duty in England and Northern Ireland stood at £125,000, or £300,000 for first-time buyers buying a property under £500,000.
The news will also be welcomed by people of retirement age as it followed a report last year from Saga which called for pensioners who want to down-size to be allowed a ‘stamp duty free’ move.
It is a good time take advantage of the change in Stamp Duty in England; so if you’re looking for a retirement property in a stunning location consider a move to New Court.
At New Court you have Cheltenham on your doorstep and you can cherish your retirement in a space to call your own, where your peace of mind is our priority.
Discover New Court and visit our one bedroom retirement apartments online today. Our expert management team are just a click away to help you make the move.