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After the first national lockdown was lifted in 2020, chancellor Rishi Sunak brought in an amendment to stamp duty rates to help stimulate the property market, a move that led to a rise in property sales, with the holiday applying to the first £500,000 of any given purchase.
But, of course, nothing lasts forever and the temporary holiday is now due to end on March 31st this year and there has, thus far, been no news from the Chancellor as to whether this will be extended or not.
This means that, as it stands right now, from April 1st the stamp duty land tax thresholds will be £125,000 for residential properties and £150,000 for non-residential.
If you do want to buy a property quickly in order to take advantage of the tax holiday, try to find a property that doesn’t have a forward chain so you have more chance of completing before the deadline is up. Opting for a new build property can also help speed the process up.
It could also be worth applying for your mortgage now, even if you haven’t found a property you’re interested in, as this will mean you’re ready to go as soon as you do find what you’re looking for.
Also make sure that you’re as prepared as possible, with a good solicitor helping you through the process, with all your documentation ready to go, including bank statements, proof of ID, wage slips and so on.
