Make The Most Of Stamp Duty Holiday Extension

Industry news :   16 - 03 - 21

The stamp duty holiday announcement in the Spring 2021 Budget sparked an increase in home-hunter activity. Our team received a flurry of enquiries as buyers now have the motivation to move home. The spring market is set to be busy this year so now is the ideal time to take action if you are planning to sell your property.

We invest in the leading property portals and according to Rightmove data there was a rush of new buyers coming into the market and contacting estate agents on budget day – 82% higher than on the same day in 2020.

Grant Walters, Director of Andrew Lodge Estate Agents commented: “Official Rightmove data also reveals that between 1st March 2020 and 28 February 2021 our team achieved more sales agreed than any other Farnham-based estate agents in the £500,000 to £2mil price bracket, covering the GU9 and GU10 postcode patches.

“Our team have worked tirelessly throughout the last 12 months to keep our services running as smoothly as possible, with staff and client safety being our top priority. We welcomed the stamp duty holiday extension for our clients and look forward to a spring market that brings new opportunities.”

During the Spring Budget announcement Chancellor Rishi Sunak confirmed that there will be a tapered extension to the stamp duty. If you are buying a home up to the value of £500,000 you will not pay any stamp duty if the purchase is completed by 30th June 2021. Then smoothing the transition back to normal, the nil rate threshold will be set at £250,000 until the end of September, before returning to the usual threshold of £125,000 on 1st October 2021.

If you are considering buying a property costing more than £500,000, the stamp duty holiday hasn’t changed the bands above £500,000, but you will make a saving of £15,000 on the first £500,000. The amount of stamp duty you will save really depends on the property value.

For transactions completed by 30 June, the current stamp duty holiday remains in place and you will pay:
– Nothing on properties purchased up to £500,000
– 5% on the portion between £500,001 and £925,000
– 10% on the portion between £925,001 and £1,500,000
– 12% on the portion costing more than £1,500,001

For transactions completed between 1 July and 30 September, there will be some relief and you will pay:
– Nothing to pay on properties purchased for up to £250,000
– 5% on the portion between £250,001 and £925,000
– 10% on the portion between £925,001 and £1,500,000
– 12% on the portion costing more than £1,500,001

For transactions completed from 1 October onwards, the stamp duty returns to normal.

To find out more, please read the official Government guidance relating to Stamp Duty Land Tax HERE.

If you wish to discuss how we can successfully market your property, please contact our team on 01252 717705.

Source for Stamp Duty figures: www.gov.uk