The Stamp Duty Holiday introduced by the government presents a fantastic opportunity for buyers and sellers to save money on their purchase as long as it completes before 30th June 2021 or 30th September 2021. Don't miss out.
Don't Lose Up To £15,000
Time is Running Out
The stamp duty holiday was first introduced to remove the stamp duty payable on properties valued up to £500k, so long as that sale of that property completed by 31st March 2021.
This has since been extended, and a new staggered return introduced.
The new rules state if your have exchanged contracts by the 31st March 2021, you now have until 30th June 2021 to complete your purchase and take advantage of the full £15,000 saving available.
However, this tax break comes to an end on 30 June.
After this date, until the end of September 2021, there is a staggered return to previous stamp duty rates.
It means you won't pay any stamp duty on the first £250,000 of the purchase price (rather than the first £500k), which is a saving of £2,500.
From 1 October 2021, rates are due to return to their previous levels, shown below:
- £0-£125,000 = 0%
- £125,001-£250,000 = 2%
- £250,001-£925,000 = 5%
- £925,000-£1,500,000 = 10%
- £1,500,000+ = 12%
If you're looking for a way to sell your property faster and for more money, so you can take advantage of the stamp duty saving, then look no further.
Is it Safe to Sell During the Current Outbreak?
In order to sell or let your property safely, we are following strict safety guidelines.
We have a more detailed breakdown of measures on our sell safely page, but as a quick list the following will apply
- Only two households in a property at any time. This includes Preston Baker staff. So if we are carrying out a viewing with a buyer, the homeowner will need to vacate.
- Wear masks
- Wash hands
- Sanitise surfaces
- Open windows to provide airflow
- If you have any symptoms of covid, or have had any symptoms in the last two weeks, do not attend a viewing or have an agent in your property to perform a valuation.
With the stamp duty holiday, it is an amazing time to sell to take advantage of those savings. Which means the market is still strong, and buyer interest is still at record highs for this time of year. It's not just stamp duty savings that is driving the market, people are also looking to move as they see the limitations of their own properties during lockdown and would like a bigger property / something closer to the outdoors / space for a home office / better internet connections etc.
The housing market is incredibly buoyant right now.
Benefits for Buyers and Sellers
The Stamp Duty Holiday does represent an amazing opportunity for buyers to save money and sellers to capitalise on increased interest.
The holiday was designed to stimulate the market and has achieved this almost overnight with unprecedented levels of buyer interest in property, and new properties coming to market.
If you go to our Cost Of Moving Calculator you can identify what your stamp duty will be for your next purchase, but remember the property sale must complete prior to the 30th September 2021 in order for you to be eligible of rthe staggered savings. One day later, and the stamp duty will once again become due and payable. This means if you don't sell your house quickly, to the right buyer then you could miss out.
If you were thinking of putting your house on the market in the next 6 months, then now is the time to do it - right now. You need to do so with an agent that knows your market, pre-qualifies your buyers, and is able to effectively market your property to drive the most amount of interest in the shortest amount of time. That's exactly what we do. Our trademarked Property Launch® method culminates in a event where buyers view the property on the same day (covid 19 safe of course). Having all your buyers view on the same day drives up competition and excitement , which leads to higher offers, made sooner.
Your Property Launch® is backed by a world beating marketing campaign that showcases your property using 372 different marketing combinations; Professional Photography; 360 degree virtual tour as standard; AI driven social media advertising driving as much interest into your property as Rightmove does; we also list on Rightmove, Zoopla and On the Market; you get a dedicated point of contact from instruction through to completion; and we have first contact team who take all the incoming buyer enquiries.
If you are a seller without an onward purchase, you might think the Stamp Duty Holiday doesn't apply to you as you aren't buying a property, but you'd be wrong. There is now expectation from buyers that they will make this saving. If your property sale drags on and cannot complete before the deadline, your buyer will lose out on that saving. Where do you think a buyer will look to recover that lost saving from?
For buyers, you might be wondering what you can do to take advantage of this saving. Ultimately, you have to ensure that the property sale completes before the 30th September 2021. To help speed things along we have a fantastic Advance Buyers program, that pre-qualifies you for the properties you're interested in. You will need to provide:
- Proof of mortgage (or cash)
- Proof of your conveyancing solicitors
- Proof of ID and right to purchase property in the UK.
Once you are on the Advance Buyer program, you will get access to properties 72 hours before they hit the property portals. Giving you an opportunity to identify and view properties virtually to find the right property for you. The virtual tours mean you can easily discount the properties you are not interested in, making your property search much quicker, as you will only view in person the properties you are truly interested in.
We would always recommend that you speak to one of our mortgage and protection advisers, even if you have a Mortgage in Principle, or a Decision in Principle in place. These "In Principle" offers are usually carried out on limited information. Once you require an actual mortgage there could be things you forgot to declare, things that were missed with your credit score, and a hundred other potential problems. Speaking to a mortgage and protection adviser could potentially save you the heartache of making an offer, and then being refused at the last hurdle if your mortgage application falls through.