Are you thinking of moving? If so, why wait? You could save yourself up to £15,000 on the stamp duty holiday, which ends on the 31st of March 2021. On average, currently from putting a property on the market to exchange is taking 3-4 months. Therefore, if you want to take full advantage of the stamp duty holiday, you need to get on the market within the next couple of weeks. Currently the housing market is still creating high interest, so this means that when a property is coming on the market the average time of from marketed to Sold STC has reduced, as the stamp duty holiday and pent up demand has driven buyers to move. Lockdown has also made homeowners re-evaluate what they want from their property, as well as the increase of those working from home and not commuting, meaning an increase in searches outside city locations.
Anything up to £500,000 will be free of stamp duty, properties over this price will have a reduced amount of stamp duty, between £500,001-£925,000 there will be a 5% SDLT rate, with the next portion of up to £1.5million being 10% and the remaining portion at 12%. Therefore, if you are looking at buying a property over £500,000, you will be saving £15,000 if you complete and exchange before the 31st of March 2021.
READ MORE: https://www.gov.uk/stamp-duty-land-tax/residential-property-rates
If you would like a free valuation on your property, speak to our local property experts Roy Fever and Andrew Bush at Evolution Properties, on 01233 501601. Roy and Andrew together have around 56 years’ experience in the local property market, with our new key facts for buyers reports as well as a high social media presence amongst other things, we are the ‘up to speed’ agents.