Time is running out! Don’t miss out on the stamp duty holiday, says Burchell Edwards
22 September 2020
Deadline is 31st March 2021
The Chancellor’s announcement to cut Stamp Duty Land Tax (SDLT) in the summer statement was welcome news for house hunters, but estate agency Burchell Edwards is warning potential home movers that they need to act now if they want to take full advantage before the deadline on 31st March 2021.
As of July 8th, the stamp duty threshold - the level at which home buyers start paying the tax - was raised from £125,000 to £500,000, meaning no SDLT is paid on all house purchases under £500,000. This has cut the average stamp duty bill by £4,500, with nearly nine in 10 homebuyers set to pay none at all. However, the stamp duty holiday only applies for those who have completed the buying/selling process within the time limit:
”The changes to SDLT have really helped to stimulate the market since lockdown eased and inject further confidence for buyers and sellers alike, but those wishing to take advantage of this opportunity need to act quickly,” says David Plumtree, Connells Group Estate Agency Chief Executive.
“From start to completion, the full home buying process takes, on average, 14 weeks,” continues David. “This means that in order to benefit from the stamp duty reduction, sellers should start to get things moving now, as their home really needs to be on the market by the end of September. There’s lots of pent up demand currently, and we’re keen to assist as many home-movers as possible to make use of this change, so do get in touch to see how we can help.”
To find out more about SDLT and the local market, or to arrange a free market appraisal on your home, please contact your local Burchell Edwards branch.