3rd March 2021
Stamp Duty Holiday Extension confirmed to keep the Property Market Moving
The Chancellor Rishi Sunak has announced a three-month extension to the stamp duty holiday in his latest budget to allow more time for existing property deals to be completed.
The stamp duty holiday, which was due to end of 31 March exempts the first £500,000 of all property sales, will now be extended until 30 June. After that there will be no stamp duty on homes worth up to £250,000 for another three months.
The extension will come as a great relief to those buyers who have yet to complete their property purchase, and with lockdown restrictions lifting over the next few months, it will help fuel the property market as we come into a traditionally busy Spring period.
Alex Horne, Senior Valuer at Matthews comments: “This is a welcome news for the property market. It will allow more time for those who are progressing with property transactions to get their deals over the line with less tax to pay. It will also ensure the property market maintains its positive influence in the economic recovery as we navigate through the ease of lockdown restrictions and a return to a bit more normality.”
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Rightmove has estimated that if the holiday had not been extended, about 100,000 buyers who agreed a purchase in 2020 will have to pay the tax, which will add up to £15,000 to their costs.
Rishi Sunak also confirmed that government will guarantee 95% mortgages for those who can only afford a 5% deposit, a move that will help first time buyers and one that is supported by lenders.
If you were one of the buyers holding off and waiting to see what would be announced, now is the time to act to make sure that your property completes in time for the end of the extension.
Call our Sales Team today so that you can take advantage of this tax saving.