The Stamp Duty Holiday has been a much-welcomed move by the Government to stimulate the property market.
It’s success, however, has led to what can only be described as a ‘bottle-neck’ within the housing market, caused by the large numbers of buyers trying to complete their purchase before the scheme is due to end at the end of March 2021.
Following the introduction of the scheme in July this year, property sales rose by 15.6%, rising a further 21.3% in September. Applicable to properties up to £500,000, the stamp duty holiday means that 90% of people making their first step onto, or moving up, the property ladder will be eligible and will make an average saving of around £4,500.
And it’s not only the buyers (or indeed the house-builders and estate agents) who are set to benefit. It’s believed that the money being saved is destined to be spent on the purchase of furniture, carpets, major appliances and on the services of tradespeople. In fact, the ripples travel far and many businesses, from removal companies to cleaners and home furnishers to DIY outlets, should feel the positive effects of the cash being generated in this ‘move to move’.
For the property industry, it’s perhaps a nice problem to have. Lots of clients wishing to proceed to purchase as quickly as possible – what’s not to love? But the ‘stamp duty deadline stampede’ means that the perfect property may be difficult for purchasers to find. Even with more vendors choosing to go on the market to benefit from the wave of potential buyers, the speed with which new instructions are being snapped up means that choice may still be relatively limited.
In addition, for those lucky enough to find the home of their dreams, processes which can, even under normal circumstances, be relatively long and stressful are taking even more time to complete.
Choose your conveyancing service provider wisely. With the additional challenges which the property boom brings, comes the need for a very steady hand at the tiller; someone who understands the importance of getting everything right from the start and, through meticulous organisation and effective communication, keeps everything on track all the way to completion.
For buyers, patience is key, but at EHL Solicitors we know that can be easier said than done. It’s difficult to stay calm when you are making such a significant purchase, especially to a tight deadline. That’s why we make sure we support you throughout the entire process and keep you constantly updated on where we are at. We might not be able to speed up certain elements of the purchase, but we will certainly work hard on your behalf to positively influence everything we can!
Speed is definitely of the essence. Get in touch with your local branch as soon as possible to take the first step to being (and staying) in control of your house purchase. Take advantage of the stamp duty holiday without taking on any additional stress!
The information provided in all of our blogs reflects only a narrative of some elements to consider on the topic. The blogs do not contain considered legal advice and should not be relied upon as advice. Please see our website terms and conditions for full details of our disclaimer. If you are interested in obtaining advice, please contact one of our lawyers who will be happy and able to advise you on your own particular circumstances.