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Why Now Is The Best Time For Hong Kong Investors To Invest In The UK Property Chancellor Rishi Sunak has announced plans for a stamp duty holiday for anyone buying a new home up to the value of £500,000. According to API Global, there are a number of important takeaways for new property investors when trying to understand the impact of the temporary stamp duty holiday now in operation. Someone buying a £500,000 property would save the maximum £15,000 in stamp duty fees. Stamp Duty is paid as a lump sum and until the announcement was made it applied to anyone buying a second home over the value of £125,000 or anyone buying their first home valued over £300,000 in England and Northern Ireland. The actual amount of Stamp Duty paid depends on the type of property, if it is leasehold or freehold, and if the property is being purchased as part of a trust or company. Stamp Duty is usually calculated by solicitors or housing agents on behalf of the home buyer and the figure is added to their fees. So for a stamp duty bill for a £1m home, the owner will now have their stamp duty reduced from £43,750 down to £28,750, saving them around a third in fees. With the average UK property costing around £237,616, a buyer would have to pay around £2,250 stamp duty on top of their purchase. The Stamp Duty holiday means that new house buyers could save up to the maximum of £15,000 over the coming nine months until the temporary holiday period expires on 31st March 2021.The policy was brought in to help boost the housing market and the economy. Lifting the stamp duty will encourage more home buying transactions, meaning house buyers can better afford to move to areas with better employment markets, and the extra spending on associated moving costs such as removals, new furniture and decorating for new homes etc. Contact Us At: https://www.apiglobal .co.uk/
