Summer is here and as expected the hot topic on most people’s lips are holidays. However, this year you have your choice of holiday. Children are on summer holidays (if they have been lucky enough to be back at school), air bridges are allowing us to go on actual holidays, recently we have been given the chance of a short mortgage holiday and now the government has further stimulated the property market by declaring a stamp duty holiday.
Times have been tough with the implementation, and then relaxation, of lockdown interrupting what has been a very productive year for property sales. The actions of the government has seen an added boost to what has already been a very busy return to work since the beginning of June.
For those of you unsure as to the ramifications of a stamp duty holiday, it boils down to a saving in the land duty tax paid to the government on every sale in England. Dependent upon the level of the agreed purchase/sale price the amount saved can vary from a few hundred to a few thousand pounds. Buying at £200,000 would normally cost you £1,500 in Stamp Duty Land Tax and at £350,000 it would be £7,500. Whatever level you are buying at these savings are a proportionately large amount of money you can now save or add to your property search budget.
The savings even extend to the purchase of second homes, a market which represents a good proportion of the local market, be it investment or holiday homes. The additional 3% stamp duty still stands on second homes but the initial stamp duty is now a saving that can be made.
This change benefits all areas of the market. Purchasers are encouraged by the savings that are now available, meaning that they are looking even more intently at buying their new home. This then means that now is a great time to look to market your property as the activity levels are extremely high.
If you have thought about marketing your property and taking advantage of the stamp duty holiday, why not get in touch with our team to arrange a free market appraisal of your property and discuss the options ahead of you. In any case, we hope you enjoy your holiday, whichever kind it may be.