At the beginning of July, the Government temporarily increased the stamp duty threshold to £500,000 for property sales in England and Northern Ireland. Anyone completing on a main residence costing up to £500,000 will not pay any stamp duty, and more expensive properties will only be taxed on their value above that amount.
The move was intended to boost the property market which was hit during Covid-19 lockdown, but also to help buyers who may have taken a financial hit because of the Coronavirus crisis.
The stamp duty holiday therefore is now well under-way, however, remember that in order to benefit from this financial windfall, the completion of the property sale needs to have taken place by March 31st 2021.
Although we are selling properties quickly (in some cases we have achieved ‘sales agreed stc’ from the first viewing), the element that often takes the longest is from achieving a sale through to sales completion, the day when the keys are handed over. Covid-19 has forced some conveyancing companies to use technology to reduce this time frame, but this can still take around three months to achieve.
When we look at national research, the Home Owners Alliance estimated that it could on average take about six months*from launch to completion , if this is the case, then September 26th becomes a very important date for anyone looking to move home and take advantage of the stamp duty holiday.
David Phillip commented, “We have seen a very buoyant 3 months since the lockdown was lifted, many people are undoubtedly taking advantage of the stamp duty holiday, however September 26th may be a crucial point for people looking to sell taking all things into consideration”.
So, if you are looking to sell your home or buy one of our lovely properties in North Leeds or Wharfedale call now for a no obligation free market appraisal, and you could save up to £15,000 on your home purchase.
(We have a blog on our website running through any key questions around the Stamp Duty Holiday)
T: 01134 676 400 w davidphillip.co.uk a: 86, Leeds Road, Bramhope, Leeds