Chancellor making preparations to extend the stamp duty holiday until the end of June
With the deadline of the stamp duty holiday approaching, Chancellor Rishi Sunak has been drawing up plans to extend it for a further three months until the end of June. The move will benefit those with purchases still going through, as well as giving a boost to the market in regards to new instructions and sales.
The property market has been buoyant throughout last year and into the start of the new year, however, there are currently more buyers than sellers which has driven the average house price up so far this year. This is good news for anyone looking to take advantage of the extension and come to the market to move.
And, with most estate agents experiencing an ever-growing list of buyers looking for a new home, especially with the ‘lockdown effect’ in place – families requiring more garden space, home offices and not being tied down to where they work due to home-working – this will come as great news in regards to the selection of properties they can offer.
The stamp duty holiday currently covers properties up to £500,000 which exempts nine out of ten buyers from paying stamp duty. With the ‘roadmap’ out of lockdown set out by Boris Johnson earlier this week, and a light at the end of the tunnel, expect the market to get a further significant boost within the next few months.
Now really is a great time to move and expect the number of properties coming to the market to increase significantly over the next month. The official announcement is expected to come next Wednesday when the chancellor announces the annual budget.
If you are looking to sell or buy, please contact us today to find out more about the stamp duty holiday and its effect on you.