Stamp Duty Holiday – Just 6 months remaining...!
As part of the measures announced following the pandemic, the Government offered a Stamp Duty holiday under £500,000 purchase price until March 2021 – which at the time seemed a long way off. But is it…?
Over the course of the last 12-18 months, the time it is taking for the average sale to reach a legal completion has increased from the familiar 12 weeks, to almost 4 months! That’s a 33% increase in the time it normally takes. The main reason is the volume of activity, change in lending criteria and chains now becoming a familiar problem once again – all sadly contributing to delays.
So, what does that mean to you NOW if you are considering a move in the next few months?
Quite simply – time is of the essence! Based on the current timeline it is taking for a sale to complete, your property needs to be on the market BEFORE the end of October at the very latest to capitalise on the money you will save through this Government incentive.
The average saving on a £350,000 purchase is £7,500, or at £500,000 a staggering £15,000 - which is money that can go a long way to buying other things, or even pay your other costs!
What to do next
You can research your current property valuation on our website HERE or better still, arrange for one of our experienced valuation team to visit. We can still help to get you moving to the next chapter in your life in time.
Act now to save £000’s...!
Book your confidential market review HERE.