The reduced stamp duty period in England changes soon, with many property purchasers and sellers wanting to take advantage of that cost-saving. Anyone wanting to take advantage will need to keep a few things in mind if they are to capitalise and make a cost-saving.
1 – It is due to end in its existing form at the end of June. There is currently a stamp duty saving up to the first £500,000, equating to up to a £15,000 saving compared to normal tax rates.
2 – It will taper off in England from the end of June until September the 30th, meaning there will be no stamp duty paid up to the first £250,000, saving buyers a maximum of £5,000 compared to normal tax rates.
3 - In Wales, there is no tax break after 30 June and in Scotland the tax break ended on 31 March.
4 - After the end of September, the standard nil rate band for stamp duty will revert to its pre-holiday £125,000 level.
According to Rightmove, it currently takes an average of 126 days completion, What does this mean for you? Depending on your situation, you will need to consider:
- Given timeframes for solicitors and surveys, you will ideally have had an offer accepted February time to meet the £500,000 threshold deadline.
- If you are have already accepted an offer, are in a cash buying situation and have a short chain, then it is still possible for exchange and completion before the end of June.
- Modern auctions are proven to be a swift way of buying a property.
Get in touch to discuss any of our properties, what’s coming on the market and how we might help you with either your buying or selling position.