Quick! Time is running out to save up to £15,000 on your new dream home. Quick! Time is running out to save up to £15,000 on your new dream home.

Quick! Time is running out to save up to £15,000 on your new dream home.

The Stamp Duty Land Tax| Published in Guides on 21 October 2020 by our Marketing Team

The Stamp Duty Land Tax (SDLT) holiday, introduced by the UK government in July, is due to end on 31 March 2021. The holiday was introduced to boost the housing market and means that purchasers buying their main residence will pay ZERO stamp duty on properties worth up to £500,000. This is a potential saving of up to £15,000 if you act soon.

Would you like to save up to £15,000 on your next home move?

The average time to sell a home in the UK, from putting your property on the market, to getting hold of those shiny new keys, is approximately six months. That’s according to the HomeOwners Alliance*. So, to take advantage of the stamp duty holiday and to step foot over your new threshold in time, you will most likely need to have your house on the market by the end of October.

Will it really take six months to sell my home?

We know what you’re thinking, Will it really take six months to sell my home? Of course, the answer is, we hope not! That’s why we work tirelessly behind the scenes to ensure your sale is right on track. Getting your property on the market is just the beginning. As a member of Relocation Agent Network, we have been selected as the area’s Local Expert and can guide you through every stage of the sales process; navigating any bumps in the road that may arise along the way with your buyers or solicitors; and striving to make your journey as smooth as possible.

So, what are you waiting for? Book your free valuation today to or contact us to hear all about how we can help you to try to take advantage of this opportunity.

What is Stamp Duty?

Stamp Duty Land Tax is a UK government tax you may have to pay if you buy a residential property in England and Northern Ireland. Before the announcement of a stamp duty holiday by the Chancellor on the 8 July, this amount was previously 2% for properties purchased above £125,000 up to £250,000 and 5% on purchases above £250,000 up to £500,000**. As it stands, rates are expected to go back up to that level from 1 April 2021.

* Source: https://hoa.org.uk/advice/guides-for-homeowners/i-am-buying/how-long-does-it-take-to-buy-or-sell-home

** SDLT rate applied to the portion of the purchase price within each threshold.

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