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.