Stamp Duty Land Tax is one of the most significant costs involved in moving, so anyone thinking about a move needs to act soon to avoid paying thousands in tax.
In July 2020, the Chancellor of the Exchequer announced a temporary stamp duty holiday and cut the tax applicable for house buyers to zero for all properties under £500,000.
This holiday was due to end on the 31st March 2021, but the scheme has been extended until the end of June 2021.
From 1 July 2021, the Nil Rate Band will reduce to £250,000 until 30 September 2021 before returning to £125,000 on 1 October 2021.
Delaying your move beyond June could costs you around £10,000 on an example property purchase of £400,000, so a big incentive to act sooner.
You can find out how much you will or won't have to pay by using the SDLT Calculator.
On average, it can take between 8-12 weeks to complete a sale/purchase of a property, so homeowners looking to move and avoid paying thousands in tax will need to get a move on!
More good news
There is even more good news for home movers with the government's announcement of a mortgage guarantee scheme to help buyers secure a mortgage with a deposit of only 5%. You can find out more here.
If you haven't listed your property for sale yet, there is still time. You'll need to book your free valuation online today or give us a buzz on 01302 247754, so we can help you plan your move.
Take the sting out of moving
We take the sting out of moving and help avoid the disappointment that comes with poorly managed property sales. We’ll provide you with your own dedicated move expert, experienced in locking down chains and removing obstacles that could spoil your plans. Find out more.