Making the most of the stamp duty holiday

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On 8th July 2020, the government announced their intension to reduce stamp duty tax rates until 31st March 2021, to help boost the country’s economy following the lockdown imposed for COVID-19. Since then, the property marketplace for both sales and lettings has exploded and activity is incredibly high. With this in mind, we thought we’d give you some tips on how to make the most of the current stamp duty holiday.

Buyers:

When it comes to planning how much you have to spend on a new home, stamp duty is always a big proportion of what you need to have saved in the bank on top of the price for the property for when the sale goes through. Not now, though! With every property up to the value of £500,000 no longer owing any stamp duty tax, you not only have more money to play with, but also potentially scope for a bigger property! If you’re buying a property at £500,000, this is a saving of £15,000, which is a new kitchen.

 

If you’d like any financial advice, or need any help planning out how much money you’ve got to play with, get in touch with our Mortgage & Protection Advisor, James, who’ll be happy to give you advice on current mortgage rates and put you in touch with some financial advisors if necessary.

Sellers:

If you’ve been ‘umming’ and ‘aahing’ over whether now is the time to sell or not, we would suggest that it is. Whilst it remains a buyer’s market at the moment, with properties having flooded to the market when the lockdown restrictions lifted, house prices are remaining pretty steady, and we are seeing properties being brought to market and sold very quickly.

According to Rightmove, the south-ease region has already overtaken the number of sales for this time in 2019, which is amazing all things considered, so the market is definitely in good shape in this region.

If you haven’t taken your first steps to putting your house on the market, but would like a free valuation to see what your home is potentially worth, give our teams a call.

Landlords:

If you’re a landlord with one property or a whole portfolio, now might well be the time to start looking to add to the properties you own and rent out. The stamp duty reduced rates do apply to second homes - although 3% of the overall property price is still payable for stamp duty - and buy-to-let mortgages are showing steady good rates the moment, so now might be the time to start looking for another investment. Not only that, the rental market is showing incredible levels of activity, with many tenants looking for property to move into. Now’s the time to take full advantage!

If you’re looking to add to your portfolio and need some advice on what’s currently on the market, get in touch with our teams, who’ll be able to walk you through what’s available.

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