How the stamp duty holiday has affected the property market in Shropshire.

Stamp duty is a tax paid by UK property buyers. The amount varies depending on the location of the property within the UK and the price of the property being purchased.

The government has suspended stamp duty until 31st March 2021 for all property purchases of and below £500,000. Previously, stamp duty for a £500,000 property would cost £15,000. Now, there is no tax charge.

This has of course boosted the property market, and Rightmove has stated that the number of properties selling within a week has hit a ten-year high. Village life has become extremely tempting for city dwellers, meaning rural areas, including Shropshire, has seen an increased demand for properties.

Now we are nearing the end of September, it’s important to get your property on the market as soon as possible to take advantage of the stamp duty incentive.

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