A suite of measures was announced by the Chancellor to kickstart the economy this month, among which were two policies that promise significant savings for our Partner network.
The Stamp Duty Holiday
Effective immediately, stamp duty has been cut on all properties with a purchase price of less than £500,000. For our Partners in the market to expand their portfolio, this will result in dramatic saving.
It’s worth nothing that Landlords are still liable for second home surcharge that starts at 3%, but even with this levy taken into account, landlords could see their tax bill fall by as much as half.
The stamp duty holiday will last until March 31st, so property investors across the country should take advantage of being able to put down larger deposits in lieu of hefty stamp duty bills and invest soon.
The discount in areas with traditionally higher property prices, such as London and the South East is so significant, that some buyers are able to afford the deposit on two properties with the same pot of money they had reserved to purchase just one.
If ever there were a time to dip your toe in the property market, the window of opportunity is now.
Green Grant
The government has pledged to issue vouchers worth up to £5,000 to property owners in a bid to make homes across the country more energy efficient.
The vouchers will cover up to two thirds of the energy efficient improvement, and there is no qualifying income required – which means every homeowner and landlord are eligible.
The current confirmed list of work that will be covered by the vouchers includes loft, floor and wall insulation, plus double glazing. The government is yet to issue a complete list, so we are unable to confirm whether boilers are included.
Ben Beadle, Chief Executive of the National Residential Landlords Association, said: “We encourage all landlords to make use of this as it will mean housing standards are improved, tenants will save money and it will reduce carbon emissions across the whole sector.”
