2 minute read
Property News – Hill & Clark
‘Lettings open days a great success’ Our recent lettings open days were a great success seeing new and existing landlords in the Bourne area. If you are looking to let your home or have a property already let out you would like advice on, please contact Craig Franks (MARLA) on 01778 300069 or email bostonlets@hillclark.co.uk
✻ BREAKING ✻
Stamp Duty Land Tax: Temporary Reduced Rates
Residential Rates on purchases from July 8th 2020 to March 31st 2021. If you purchase a residential property between these dates, you only start to pay SDLT on the amount that you pay for the property above £500,000. These rates apply whether you are buying your first home or have owned property before.
You can use the table to work out the SDLT due:
Property or lease premium or transfer value - SDLT rate
• Up to £500,000 - Zero • The next £425,000 (the portion from £500,001 to £925,000) - 5% • The next £575,000 (the portion from £925,001 to £1.5 million) - 10% • The remaining amount (the portion above £1.5 million) - 12%
From July 8th 2020 to March 31st 2021 the special rules for first-time buyers are replaced by the reduced rates set out above. Higher rates for additional properties. The 3% higher rate for purchases of additional dwellings applies on top of revised standard rates above for this same period.
● Super Saturday, marking the reopening of hairdressers, pubs, bars, cafes and restaurants in England, saw an increase in high street footfall. PwC reports on money in consumers’ pockets – consumer spending trends are closely linked to housing market confidence. ● There was a 20% weekly increase in footfall on Saturday and after 5pm this rose to 36%. However, overall number of visits to the high street in England is down 56% on last year. ● PwC reported an increase in consumer sentiment in June, the majority of households so far unaffected financially and 1 in 5 households are saving money. ● With more money in consumers’ pockets, VAT reductions for the hospitality industry, creation of the eat out to help scheme, we hope high street footfall will continue to increase. However, much hangs on employment levels after furlough ends in October. Source: Dataloft, PwC
STAMP DUTY GUIDANCE If you would like any further information on the stamp duty changes or indeed what is happening in the market and you are thinking of selling, buying or letting, call us today on 01778 300069 or email bournesales@hillclark.co.uk
Whatever you have planned for the future or for your property, we’re still here to help make it happen.
T: Bourne 01778 300 069 E: AUGUST 2020 bournesales@hillclark.co.uk
