Still Time for Stamp Duty Holiday - With less than twelve weeks left to take advantage of stamp duty holiday, Kate Patrick of H&H Land & Estates highlights that there is still time to take advantage of this opportunity.
As one of the North’s leading property companies, H&H Land & Estates know all too well how successfully the Government’s temporary Stamp Duty Land Tax (SDLT) changes have helped the sector this year. Since being introduced back in early July, the stamp duty holiday has benefitted both buyers and sellers across the UK and has offered buyers the potential to save thousands of pounds in tax. With the revert back to normal now on the horizon, Kate Patrick, Head of Estate Agency at H&H Land & Estates is keen to emphasise that the next few weeks represent the last chance to make the most of a SDLT free property transaction.
Joining H&H Land & Estates earlier this month in a newly created role, Kate is responsible for further expanding the agency’s presence in a very active rural market. Considering the implications of the current SDLT holiday, Kate said:
“The temporary stamp duty changes really have brought some much-needed positivity into the property sector. Like many industries, the housing market experienced considerable frustration throughout the first lockdown, however I am pleased to say that since this time, the property market has been encouraging and the stamp duty holiday has undoubtedly enticed a huge number of buyers to the fore. Usually the winter months of the year tend to be quieter, though this certainly does not seem to be the case this season.
“With stamp duty expected to be reinstated on 1st April 2021 again, I would encourage anyone looking to purchase a property to act now to take advantage of this one-off offer from the Government. If you are looking to progress up the property ladder, the stamp duty holiday gives you the opportunity to save quite literally thousands of pounds.
“To use an example, if you buy a house which costs £275,000 after 1st April 2021, the SDLT that you will have to pay will be £3,750. If you purchase the property before the 1st April however, it will not be subject to any SDLT. This saves you £3,750, which could instead be put towards the deposit or towards decorating your new home.
“To conclude, I would just like to highlight that SDLT does apply if you already own a home or if you are purchasing a property as a buy to let.”
With a highly specialised understanding of the property sector across the North of England and the Scottish Borders, H&H Land & Estates have a well-regarded reputation for selling all types of property across the region. The leading agency have a well-established client base across offices in Carlisle, Cockermouth, Durham, Grange-over-Sands, Kendal, Keswick and Penrith.