The holiday was originally proposed to end in March, however in the Budget, Sunak announced that the holiday will continue until the 30th of June, allowing buyers and sellers additional time to complete their transactions before the deadline.
If you are in the market for a property over the £500,000 threshold, you will be taxed on the value above that amount. You can calculate how much stamp duty you will have to pay by using our online stamp duty calculator.
What is stamp duty?
Stamp duty is the tax paid on the purchase of property or land in England and Northern Ireland and is calculated based on the value of the property you are buying. The higher the cost of the property, the higher the stamp duty to pay.
What does this mean for the property market?
The extension of the SDLT holiday will create financial relief for many buyers looking for a new property. With an extra three months to get finances and transactions in order, it is a beneficial outcome for many people that are currently struggling to get financially organised.
The holiday also aims to give another kick-start to the property market, in order to boost enthusiasm and give first time buyers the opportunity to get on the property ladder.
If you are a first time buyer, check out our 5 top tips for buying your first home, or read more about how the government’s 5% scheme helps first time buyers.
What do I need to know if I’m looking to purchase a property now?
If you are someone who is beginning your property search, it is important to be aware that an extension doesn’t necessarily mean that this SDLT holiday will remain in place by the time that the sale goes through.
Delays and chains can result in a lengthy transaction of up to 6 months, so it is important to stay organised and move quickly and efficiently during your property purchase in order to meet the deadline.
It is also important to note that the government is also backing the introduction of 95% mortgage. It would always be beneficial for potential clients to speak to a staff member for further details.
Taylor Cole Estate Agents
If you are looking into buying, selling, renting, or letting any properties, our expert team at Taylor Cole Estate Agents are highly trained and passionate about Tamworth and the surrounding areas.
Whether you’re looking for support or just some advice about the local property market and how to start your search, call us on 01827 311412 today.
As Tamworth’s top estate agents, Taylor Cole and our expert team remain open as usual to ensure that moving home and related activities can happen safely. Whether you are buying,selling or letting a new property, we can help.
The process of moving property is a little bit different to normal, with estate agents across England changing their processes to reduce the risk of coronavirus transmission. For example, we are currently not allowing visitors to our offices. If you must visit us in person to pick up keys or for any other reason, only one person will be permitted into the office and you must wear a suitable face covering as per government guidance.
During this time we encourage all parties to be as flexible as possible. If you are interested in moving home during the next few weeks, we have compiled some key advice on what to expect:
What to expect when buying or renting a property
If you are buying or renting a property, it is likely that we will arrange an in-person viewing. It is important to remember that:
- All property images are available on the website
- Viewings will be taken by appointment only
- You should avoid touching surfaces wherever possible
- You should wash your hands whenever possible and use hand sanitiser frequently
- You must keep your distance as much as possible from other people who are not members of your household
- You should wear a face covering when in close contact with others
After viewing, you are welcome to make an offer or reserve the property as normal. After this has been agreed, you may want to revisit the property to measure up. When doing so, it is important to maintain social distancing.
You may also want to arrange for a tradesperson to carry out inspections on the property. Where doing so, this should be scheduled with one person visiting the property at a time.
What to expect when selling or renting out a property
If you are selling or renting out your property, you should:
- Open all doors and ensure surfaces, such as door handles, are cleaned after each viewing
- Vacate your property during viewings to minimise unnecessary contact
When putting your house on the market, if you or any member of your household are showing symptoms or self-isolating, you must make us aware so that we can arrange viewings for when it is safe to do so.
After viewings have taken place, you are free to accept an offer as normal.
If your property is being surveyed, you should ensure the surveyor has access to all necessary parts of the property and you should minimise contact by staying in another room.
What to expect from the housing market
The Prime Minister has already stated that the government may have to do more if the current lockdown rules do not appear to stem the current spike in coronavirus cases. Labour leader Keir Starmer has already called for property viewings to be stopped during the current lockdown.
We will continue to monitor the situation closely and will keep our clients updated as to our processes and procedures should anything need to change.
To read the Government’s advice in full, visit their official website.
If Taylor Cole Estate Agents can support you in any way, or if you have any questions, please contact us by calling 01827 311412.
Need help packing while moving? Read our article on 5 tips for packing when moving home.