Property News: Stamp Duty Holiday extension brings buyer confidence to spring market.
5th March 2021
5th March 2021
Great news for both buyers and vendors on the UK property market after yesterday’s Stamp Duty extension announcement from Rishi Sunak as part of the Budget. For anyone on the market or wanting to sell, the spring market remains set to retain momentum with buyers looking to take advantage of stamp duty holiday which is set to be extended to June 2021.
On 3 March 2021, Chancellor Rishi Sunak announced that the Stamp Duty Land Tax (SDLT) holiday will be extended until 30 June 2021 after facing pressure to extend the deadline by three months amid concerns of a ‘cliff-edge’ come the end of March, the extension came after The Chancellor stated;
“The cut in stamp duty I announced last summer has helped hundreds of thousands of people buy a home and supported the economy at a critical time. But due to the sheer volume of transactions we are seeing many won’t complete in time for the end of March”.
The Chancellor confirmed that buyers hoping to make the most of the savings on the first £500,000 nil-rate band will now have until the end of June to complete sales in England and Northern Ireland. He further explained that there would be a tiered return to full stamp duty charges. Between 1 July and 30 September 2021, the nil band rate will reduce to £250,000, returning to £125,000 on 1 October 2021.
The extension comes as part of the government’s strategy to maintain confidence in the housing market following the coronavirus pandemic and comes a huge relief to home buyers who were hoping to take advantage of the stamp duty holiday, yet with the initial deadline looming, were concerned about the transaction completing before the March 31st deadline.
Marchand Petit Managing Director Peter Gardner commented
“This three-month extension will come as welcome news to those already going through the sales process, who were concerned they would miss the stamp duty holiday deadline. Equally it will instil confidence in the market for those who have been waiting to buy or sell.
We have experienced a fantastic year in the South Hams so far, as we see buyers coming from outside the area to relocate to the South West, we would envisage this trend continuing. We have buyers waiting and my advice to anyone who is considering putting their property on the market to move – now is the right time. Give your local Marchand Petit office a call to discuss your local market place”
For anyone wondering how to take advantage of the extension but not sure what the stamp duty holiday will mean for their house sale or purchase, follow this link to use The Guild of Property Professionals Stamp Duty Calculator which will help you see what savings can be made.
In Summary, the good news is that now really is the time to sell and take advantage of the confidence in the spring market. Our teams at Marchand Petit are on hand to start your property journey, whether you want to discuss the savings when buying a property or if you want to put your house on the market we can arrange a free no obligation valuation to get you 'market ready'. Click here for a valaution