From 1 July 2021 to 30 September 2021, buyers can still benefit from not paying Stamp Duty Land Tax (SDLT) on properties that cost up to £250,000 across England and Northern Ireland.
The previous phase of the SDLT holiday (where the nil rate band was previously up to £500,000) helped stimulate the housing market, with estate agents reporting an influx of both buyers and sellers keen to take advantage of cuts to SDLT.
Stamp Duty Land Tax rates will return to the original rates from 1 October 2021. This means the nil rate band will be applicable only on purchases up to £125,000, and 2 per cent up to £250,000. First-time buyers, however, will continue to benefit from relief on purchases up to £300,000.