Stamp Duty holiday extended until March 2021
In July the government introduced a Stamp Duty Land Tax (SDLT) holiday for purchasers, which could save buyers up to £15,000. The scheme, which runs out in March, means people buying houses for up to £500,000 will pay no stamp duty on their purchase, providing the sale completes before March 31st 2021. Properties over the £500,000 price will pay a reduced stamp duty on the difference over this threshold.
People buying second homes also get a reduced rate, paying just the 3% STLT above the reduced rates for primary residences. More details of SDLT rates can be found here.
With the estimated average saving of £4500, the SDLT holiday has seen a much needed boost to the housing market, which all but froze in March due to the UK wide lockdown. House sales rose in September by 21.3%, demonstrating the success of the scheme as many people are looking to move due to changes in their work or circumstances. However, time is running out to take advantage of the offer as completion needs to have taken place by 31st October 2021.
Zoopla’s Research and Insight Director, Richard Donnell said: “Those who leave it to January to start their search for a home will be cutting it fine.
“Just half of sales agreed in January will convert into a completed sale by the end of March, so those looking to beat the stamp duty deadline will need to be well prepared.
“Finding an agent before Christmas and instructing a conveyancer to prepare all the sellers’ legal information will be essential to boosting the chances of saving up to £15,000.”
If you are considering buying or selling your property to take advantage of the stamp duty holiday, our experienced team can help. Our knowledge of the local area and market, as well as our strong relationships with local estate agents allow us to offer unrivalled service, giving you the best chance of completing your sale before the SDLT holiday ends.
Our offices are open and appointments can be made if necessary however we will keep you informed as the guidelines change. Contact us today to find out how we can assist you with your conveyancing needs.
