Positive news for the property sector as the Stamp Duty Holiday will be extended until the end of June.
Chancellor Rishi Sunak unveiled Budget plans which included the stamp duty holiday extension from 31 March to the end of June.
Rightmove has reported that as many as 100,000 buyers are waiting for properties to complete their transactions before the end of March, which has encouraged the chancellor to extend the deadline.
The government raised the stamp duty threshold in England and Northern Ireland for a limited time only, which means purchasers pay no stamp duty on the ﬁrst £500,000 of the property price. As stamp duty is calculated in tiers, the usual rates apply to anything above the tax-free threshold. For example, those purchasing a family home as a main residence for anything over £500,000 will still save £15,000.
The Stamp Duty Holiday has had a positive impact on the housing market, with reports of sales increasing to the highest level since before 2007, with 129,400 transactions completing in the UK in December according to provisional figures from HM Revenue & Customs.
Rightmove also reported the average number of days it took to sell a property fell to 49 in November, compared with 67 a year earlier.
Those wishing to make this saving on their home move need to be prepared to achieve an efficient procedure to take advantage of the scheme before it expires. Visit here for tips on how to create a smooth and effective process to heighten chances of completing.