If you want to take advantage of the stamp duty holiday, you really do need to “get-on with it” now!
With a reported over half a million sales currently “in the system” (up 44% on this time last year) – a ballooning backlog of conveyancing, combined with delays in surveys and processing mortgage applications, time is rapidly running out to get sales completed before the March 31st 2021 deadline. There’s already call for the holiday period to be extended for fear of a “cliff-edge” where hundreds of thousands of buyers will miss-out – but don’t bank on it! Even as we enter Lockdown TWO , there’s still time to not only agree a sale but also to give yourself the best chance of achieving the best result. The market remains very much “open for business” with viewings, sales, surveys and conveyancing still able to proceed “as normal” (following strict Covid safety guidelines, of course).
If you haven’t done so already, you should get your property on the market now, to have a chance to sell your home in time. At Wilkinson Grant & Co we have a safe and assured plan to get your property sold within 30 Days – but it can take longer. The average time it takes to complete on a property sale, once an offer has been accepted, is now already over the pre-“Lockdown-ONE” average of 12 weeks. So, even with agreeing a sale before Christmas, the March deadline will soon rapidly be upon us.
What is the “Stamp Duty Holiday”?
When you buy a property, you normally have to pay Stamp Duty Land Transaction Tax on all properties over £125,000, or £300,000 for first-time buyers.
To give added impetus to the already booming property market, on 8th July 2020, the Chancellor announced a temporary stamp duty holiday, cutting stamp duty to 0% for all properties £500,000 or under and (and the first £500K for anything above) until 31st March 2021. For example, if you are purchasing a property at £400,000, you would save £10,000.
So, what to do now?
If you are already on the market but not yet agreed a sale, speak to your agent to see what plans they have to find a buyer as soon as possible. If they don’t have a plan – or don’t have a plan that you are happy with (It’s not always about the price) – feel free to give us a call.
If you’d like to discuss this further, or any other property matters, please contact us anytime and we will be delighted to help you.