On the 24th February just before I closed my eyes to go to sleep, I noticed a pop-up on my mobile saying that the stamp duty holiday had been extended.
Having taken the time to sleep on this, I feel it’s going to be both good and bad for the property market.
Those of you that have transactions already ongoing may be able to benefit if the timing of your chain allows, but what it will do is create a new deadline in the summer when lots of other people are going to be let down.
I think my best advice for you, is not to specifically move to benefit from this tax break, but to only take advantage of it if you have the desire to move in the first place.
This will help to stop another cliff edge in the future where many other people in chain transactions will be affected by those who withdraw from sales because they do not make the deadline.
We did see a surge in transactions and a healthy rise in house prices with the original announcement of the STLT (Stamp duty land tax) Holiday in some areas as much as 8.5% growth last year. I suspect that we will see an increase in transactions again and with that will come another rise in prices.
So is it a good time to sell? Well.. its relative. What you gain on your sale you loose on your purchase. However, if you are a First Time Buyer. Save as hard as you can and get on the ladder as quickly as you can because as time goes on it will only get more expensive.
If you would like to discuss how this may affect you, then please get in touch on 01603 432000.