On 8th July 2020 the government announced a stamp duty holiday on residential property purchases of up to £500,000. See our News Blog **STAMP DUTY LAND TAX REDUCTION** – Guest Walker for more information about the criteria
Our residential conveyancing team have certainly noticed a substantial increase in property purchases. The property market is thriving across the UK with house prices rising by 4.7% in the last year up to September*. The property market has still been very much “open” during Lockdown 2 and does not show signs of slowing down any time soon.
The increase in the property market has however seen delays in mortgage offers and local authority search results being received. With these delays in mind, purchases are taking an average of 3-4 months to complete. In order to benefit from the stamp duty holiday we would recommend that you aim to make an offer on your dream home by the end of this month. Any purchases MUST be completed by 31st March 2021.
If you are looking at buying a property and would like a quote, use our online quote request which can be found here or contact a member of our residential team on 01904 624903.
*statistic taken from Office of National Statistics