Stamp Duty Deadline
What is the Stamp Duty Deadline?
The stamp duty holiday was first introduced in June 2020 to encourage property market activity which had taken a hit by the first lockdown in response to the Covid pandemic.
The tax break suspends the cost of stamp duty on the first £500,000 of all property sales – up from £125,000 before the incentive was announced by chancellor Rishi Sunak.
TA consumer financial service suggests it’s already too late for most buyers to meet the latest deadline of June 30. It’s 70 days until the deadline but it now takes the average first time buyer 99 days to complete, while existing owners moving home take a typical 88 days to complete.
We summarise the key action points from The Negotiators latest article ahead of the stamp duty deadline.
What you need to know:
- Smaller Landlords are being bought out by Larger Landlords in order to take advantage of the stamp duty holiday
- 15% of all sales agreed went to Landlords in November according to Hamptons Monthly Letting Index
- Cash Investors are counting for half of the overall investor purchases.
Check out the full article here.
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