PA Housing welcomes stamp duty cut
2020 - July, Latest news
The government's decision to increase the threshold for stamp duty, the tax paid when buying a residential property, has been welcomed by PA Housing, with Simon Hatchman, Executive Director of Resources, describing it as "positive for PA and its customers".
Chancellor Rishi Sunak announced the change, which came into effect immediately, during his Summer Statement to the House of Commons on Wednesday 8 July.
Until 31 March next year, buyers will not pay any stamp duty on the homes up to £500,000, meaning approximately nine out of 10 people buying a main home this year will pay no stamp duty at all.
PA Housing, which owns more than 23,000 homes, is working to deliver up to 1,000 brand new homes between April 2020 and March 2022, which will be available for affordable rent or low-cost home ownership.
It's a measure that will benefit our customers, with more potentially being able to buy homes, and it should provide some buoyancy to the housing market. It will help keep the show on the road."Simon Hatchman