Press releases

Deloitte's real estate director comments on the Chancellor's summer economic update

8 July 2020

Jonathan Evans, real estate director at Deloitte, comments on the Chancellor’s summer economic update:

“The Chancellor has increased the nil rate band of stamp duty land tax levied on home buyers in England and Northern Ireland. From today, purchasers of residential property will not pay stamp duty on the first £500,000 of the purchase price until 31 March.

“Based on the average price of a home in England of £248,000, a purchaser can now expect to save almost £2,500 by not paying stamp duty. In addition, the average property in London (£485,000) will also be exempt and save the average purchaser £14,200. Buyers of residential properties over £500,000 will save £15,000 and the cut will also benefit those who have already exchanged, provided they complete by 31st March next year.

“This cut in stamp duty will likely help stimulate the property market, aiding home buyers that may have had their finances impacted by COVID-19.

“Purchasers in Scotland and Wales will have to wait to see if the devolved governments in Edinburgh and Cardiff match this tax holiday for their respective taxes.”

End

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Deloitte spokespeople
Deloitte has a range of spokespeople available to comment on today’s statement. They can be reached on 020 7007 3333 or 0207 303 5054 or one of the following numbers:

  • Ian Stewart – chief economist (07789 036 944)
  • Daniel Lyons - head of tax policy (07920 270 964)
  • Patricia Mock - personal tax (07826 891 752)
  • Alison Lobb – corporate tax (07785 381 369)
  • Mark Groom - employment tax (07768 178 264)
  • Jonathan Evans – stamp duty (07855 399368)
  • Mike Barber – climate change/sustainability (07920 006 216/07920 270 964)

About Deloitte
In this press release references to “Deloitte” are references to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”) a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity.

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Deloitte LLP is a subsidiary of Deloitte NSE LLP, which is a member firm of DTTL, and is among the UK's leading professional services firms.

The information contained in this press release is correct at the time of going to press.

For more information, please visit www.deloitte.co.uk

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