This is how the industry reacts to the partial end of the SDH.
It is still possible to partially enjoy the SDH until September 30.
The UK Stamp Duty Holiday came to an end yesterday after a year in which the number of home transactions and prices skyrocketed.
The end of the stamp duty means that buyers are now required to pay sales tax on homes worth less than £ 500,000. Rightmove data suggested that the holidays had benefited about 1.3 million shoppers in the country. However, the median home price at this time was up more than £ 16,000.
There was a lot of industry talk about the end of the Stamp Duty Holiday.
“UK house prices have hit record highs, and that’s all thanks to the Stamp Duty Holiday.”
Rob Barnard, Masthaven Bank Director of Brokers, said: “Despite the difficulties the real estate industry has faced in the last year, including the complete suspension of activity in the first lockdown, house prices have reached all-time highs, and real estate transactions have gone through the roof. The SDH has certainly played a role in accelerating activity in the market, and the end of the tax holiday could well pour some cold water on prospective buyers’ hopes.”
He added: “However, there are bigger challenges ahead. The recent frenzied market activity has been at least partly artificial, fueled by the release of pent-up demand and massive levels of government spending in many parts of the economy. Potential buyers may find their personal finances to suffer the most later this year when the licensing plan ends, and various government loan plans are withdrawn. Once these Covid programs are removed, borrowers will continue to need assistance.”
Others intervened. Hema Anand, Partner and Director of Residential Property at BDB Pitmans, said: “The impact of the SDH extension has been tremendous. This is clear from the significant increase in instructions throughout the country and relation to all securities. There has been an unprecedented number of completions in June. The kickoff the residential real estate market requires to address pent-up demand has been sluggish for several years. Let’s see if the momentum continues with lower stamp duty savings.”
HICH LTD has revolutionized the property survey market since day one! Are you looking for a roof, structural, or bespoke survey? Request it here!
Follow us on our social networks to keep up to date with the most relevant property market news, tips for being a responsible homeowner, and much more!
Twitter: @HichLTD
Facebook: HICH-LTD
We are recruiting Freelance Surveyors and Building Inspectors to carry out Roof & Property Condition Inspections. You will be required to inspect and assess the whole external and internal condition of various property types, new and old, including Domestic and Commercial. The position is Home-based, covering all postcode areas throughout the U.K.
Fees range from between £150-£195 per inspection, previous experience in building surveying and or buildings insurance claim surveying with a proven track record or property inspection experience essential.
If you or someone you know meets these requirements and wants to be part of the team of the best surveying company in the UK, don’t hesitate to get in touch with us at hichinfo@aol.co.uk.
