UK Chancellor raises stamp duty threshold to boost house moving market

Jul 08 | 2020

In his statement today (8 July, 2020) the UK Chancellor Rishi Sunak has raised the threshold for stamp duty tax on house purchases from £125,000 to £500,000 between now and 31 March, 2021.

This will undoubtedly give the house moving market a boost as people hustle to get their house purchase and move completed before the deadline is up.  This may well help the moving industry in the UK over the traditionally lean winter months, however it suggests the 2021 summer season might experience a slow start.  It is unlikely that people will choose to move home purely because of the reduction in stamp duty.

Critics have said that this helps people in the more affluent southern counties and in London where property prices are highest.  Many homes in less affluent areas of the country would have been below the old threshold anyway.