If you are looking to buy a home in Manchester, you are able to make the most out of a reduced rate of Stamp Duty Land Tax (SDLT). Initially, this Stamp duty holiday was meant to finish early this year, luckily for potential home buyers, this has now been extended to the 30th June 2021! It’s the perfect time to make the most of the Stamp Duty holiday extension in Manchester today whilst you reap the highest benefits of this scheme.
What does the Stamp Duty Holiday mean for me in Manchester?
You will have the ability to pay no Stamp Duty if the value of your main home is under £500,000. Previously you would have had to spend an additional £15,000 on a £500,000 valued home.
Whether you are looking for a flat, studio or house in Greater Manchester or surrounding areas. You can make the most of this relief scheme.
This scheme was introduced to help buyers who may have taken a pay cut and financial hit during the pandemic. This additional cost support is in place to help boost the property market during uncertain times.
How much Stamp Duty will I pay in Manchester?
When purchasing a home, if the property is deemed to be your main home, including all sales completed before the 30th of June. You are eligible to pay zero tax duty if the home costs come to £500,000 or less.
When looking above £500,000 (£500,000 to £925,000) you will be taxed at 5% of the value. Increasing to 10% from £925,000 to £1.5m and onwards of £1.5m you will be taxed 12%.
To calculate the cost of your Stamp Duty Land Tax in Greater Manchester, it couldn’t be simpler. You are able to access the completely free gov calculator tool here.
This will work out the SDLT payable for most transactions so use this as a guide.
Should I look at buying a house during a lockdown?
There is no better time to look at your first home or purchasing a new main house. Making the most of this Stamp Duty holiday period will as a result save you thousands of pounds in comparison to purchasing a home out of lockdown. This incredible support scheme and incentive is in place to help those who may need it.
Feel free to visit us in our modern estate agency in Sale, Greater Manchester, give us a call or drop us a message and our expert team will be more than happy to help with any questions or enquiries you may have.