Thursfields welcomes Stamp Duty cut as timely boost to housing market

Thursfields Solicitors has welcomed the Chancellor’s decision to cut Stamp Duty on homes under £500,000.

Nick O’Hara, managing director, said: “This is the right move at the right time to get the property market moving again.

“There was a degree of pent up demand, delayed house moves and an initial surge of interest after lockdown was eased, but it was in danger of stalling.

“The Chancellor’s decision to introduce a temporary increase to the Nil Rate Band of residential Stamp Duty from £125,000 to £500,000 until 31 March 2021 is a welcome shot in the arm for the housing market.”

Rishi Sunak told MPs that in England and Northern Ireland this meant that nearly nine out of ten people looking to move would pay no Stamp Duty at all, his intention being to drive growth and support jobs across the housebuilding and property sectors.

Nick O’Hara said: “Although many of our staff are still working remotely, this has not impacted on our ability to carry out conveyancing and we have seen a peak since the lockdown rules were relaxed. We look forward to seeing many more clients now feeling confident enough to move or sell their home.”