In the budget on March 3rd, the chancellor announced the extension of the stamp duty holiday. For the UK market, two key dates were announced 30 June 2021 and 30 September 2021. This announcement (along with the kids going back to school) has fuelled the Lancaster and Morecambe Housing Market with property demand now at an all-time high. But what do these dates mean?
30 June 2021
This is the extension date for all properties sales up to £500,000. Homebuyers completing before this date will not have to pay stamp duty. This is a potential saving of up to £15,000.
30 September 2021
This is the date for all properties upto £250,000. Homemovers will save upto £2500.
How long does a property transaction take?
According to Zoopla, the average time for an agreed sale to complete has increased from 90 days to 110-115 days. For sales up to £500,000 to complete by 30th June, most will have needed to be agreed by now.
To complete by 30th September (the £250,000 level) a sale needs to have been agreed by 7th June 2021.
Are you thinking of selling? Now is a great time. Buyers are snapping properties quickly. Remember though, we only have a short window of time if you want to save on your stamp duty.
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