A recent study carried out by financial advisors Unbiased has revealed that homeowners who complete their sales and move before the Stamp Duty Holiday deadline of 31 March 2021 could save, on average, £2,000.
The introduction of the Stamp Duty Holiday on 8 July has brought a bounce back to the housing market, as prices leapt by 1.7 per cent. The changes to the tax were brought in the Chancellor Rishi Sunak to stimulate the economy, post-lockdown, and will be of greatest benefit to those who already own a property.
Stamp Duty is typically not paid by first-time buyers. The drastic cut to the duty will be of benefit to second-time buyers, landlords, property investors, and those who have purchased a property before if those seeking to downsize.
But if you are hoping to take advantage of the holiday period, and move home, then you need to act fast. Selling a home can take up to 140 days, which is the equivalent of five months from agreeing on a price to completion – and this does not take into consideration the time spent marketing a property, or time lost if a sale falls through.
The housing market was reopened in May, and in June suffered a 1.6 per cent drop. Analysts had predicted a 0.1 per cent increase with the arrival of the Stamp Duty Holiday.
If you would like to move home before the stamp duty holiday deadline of March 31, 2021, and looking for house removal services in London, get in touch!