Will I benefit from the Stamp Duty holiday?
Yes, you can still benefit from the Stamp Duty holiday in 2021, if you act fast.
With lockdown easing and summer on the horizon, we’re certainly starting to see the light at the end of the tunnel and are able to look forward to brighter days.
With that, comes some great news for home movers in the latest budget announcement. Rishi Sunak, Chancellor of the Exchequer, has confirmed an extension to the Stamp Duty holiday - meaning many more people will be able to save thousands on their move this year. However, with a predicted rush to the market, you’ll need to act now.
What are the benefits of the Stamp Duty holiday?
The Stamp Duty holiday extension allows many more home movers to save on their move, but what you do with that saving is up to you. Here are just some of the many benefits:
- Achieve your moving goals quicker
- Increase your budget for the perfect property, expanding your search
- Reduce your house price and make for a quicker sale
- Put the money towards savings, holidays, and inheritance
- Put it towards your moving costs
- You can even revamp your new home, with the extra saving, making your move even more perfect
How much can I save with the Stamp Duty holiday?
Dependent on the property price and what time of the year you're moving, your saving will differ. For a quick overview you can refer to the table below which provides a simple breakdown.
Did you know, Gov.uk have their own Stamp Duty calculator too? Visit their website and discover your expected tax costs and estimated saving.
Are you ready to move now?
If you’re buying a home under the value of £500,000 and want to take full advantage of the saving, you have until the end of June to make sure you complete your home buying purchase. Effectively, this means that you would ideally need to secure your property this month, to guarantee your saving of thousands of pounds on your move.
Are you considering your dream move in 2021?
To make a saving under the £250,000 threshold the deadline is pushed back to September the 30th. Whilst this seems like a long way off, if you’re only just starting your move, you can expect most completions to take 3-4 months, so you’ll need to be on the ball.
Especially as estate agents are expecting what’s being called a “Spring Stampede”, with buyers flocking to the market hoping to benefit from the extra saving on their move.
How can I speed up my sale so I can secure my dream home faster?
One of the greatest benefits of the tax holiday, is that many people are able to reduce the price of their property to get a faster sale. With the Stamp Duty saving made, many home movers won’t be out of pocket, and instead will be able to move into their dream home quicker!
Other quick and easy tips on speeding up the process include refreshing your property listing - so now is a great time to be getting in touch with your agent. Did you know? Rightmove suggests the most successful adverts have between 7-30 professional looking images.
With plenty of competition expected, you’ll want your property to be standing out from the crowd, so make sure you’re on top of the property selling game! Read our quick guide with top tips and common mistakes to avoid, to ensure your property sells for the right price this year.
How can I boost my budget and find my dream home?
If you’ve been day-dreaming about moving to Cornish coastlines or nestling away in the Sussex countryside, the extension of the tax break could secure your saving of thousands of pounds.
However, dependent on your budget, you will need to act quickly. If you’re already working with us at Homewise, you could see quicker turnarounds of 12-16 weeks, to help you make that Stamp Duty holiday deadline at the end of June.
If you’re looking to make the later deadline, and have only just put your moving plans into action, you’ll see a turnaround of around 3-4 months, which is an average timespan across the market.
Our Home for Life Plan, which is a Lifetime Lease option, means you’ll also be able to boost your budget beyond the Stamp Duty saving. With this benefit you could soon be moving closer to family and friends, escaping to the perfect destination, or even finding a property that is more manageable.
To find out just how much you could be boosting your budget by, why not try our online calculator? It’s free, quick, simple to use, and you’ll get your results instantly!