Believe it or not: You can still take advantage of the Stamp Duty Holiday!
The first £ 250,000 will be tax-free.
Homebuyers can still make the most of the stamp duty holiday even though the first phase ended on June 30, but they will have to act quickly, warned a prominent property attorney.
The first phase of the stamp duty holiday extension, where buyers have not had to pay tax on the first £ 500,000 of a property’s value, will end on June 30.
However, some home buyers are rushing to complete the second phase, where the first £ 250,000 is tax-free, before the deadline, continuing until September 30.
“The Stamp Duty Holiday ends on September 30.”
Simon Nosworthy, director of residential transfer at London-based law firm Osbornes Law, said: “There is a perception that the stamp duty holiday will end on June 30, but that is not the case. There are still good savings to be made until the end of September, but buyers will need to act quickly to ensure they complete them before the deadline. I would say that if a buyer starts the process in the next five weeks or so, they should be sure to complete it before the September deadline.”
Simon predicts that the market will remain bullish despite the lower tax-free amount. He added: “I would expect the lower and upper ends of the market to remain busy in the coming weeks,” he says. “For those on the lower end, saving £ 250,000 is still a substantial amount, while for those on the higher end, saving a few thousand pounds is a drop in the bucket. As a result, I would expect large transactions to be unaffected by the end of the first phase of the stamp duty holiday.”
The main problem for home buyers is that most housing stock has already been sold in recent months.
Simon added: “There is a supply and demand problem as most of the housing stock has gone very fast. We had a case where the buyer opted for a fairly average 1940s townhouse, but the house went to sealed bids with 12 bidders, and each potential buyer had to give reasons why they wanted the property and evidence of their finances. The market has been bustling, so finding a property to buy is a problem. However, if you do, it is not too late to make the most of the stamp duty holiday.”
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