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What do I need to know about the Stamp Duty Extension?
The stamp duty holiday has been extended until the end of September 2021, which is excellent news for homeowners who didn't think they would meet the deadline in March. However, the extension is different, with the £500,000 stamp duty-free amount dropping to £250,000 in July, and then back to £125,000 in October.
In the latest budget update, the Chancellor has announced that the stamp duty holiday, due to end on March 31st, has now been extended until the end of September, giving homeowners another 6 months to benefit from the savings. We Buy Any House have looked at some of the most commonly asked questions surrounding the extension and answered them for you!
Is the extension the same offer as before?
There have been some changes made to the holiday; when it was first announced in July 2020, homeowners buying a house up to £500,000 would not have to pay any stamp duty. With the new extension, this same offer will apply until the end of June, where the bands will change.
As of July, homeowners will be able to get relief on stamp duty on values up to £250,000, still offering a saving of around £2,500 for buyers who complete between July and September. This will last until the end of September, at which point the brackets will return to their original levels, where stamp duty will be payable above £125,000.
This is fantastic news for homeowners who are currently in the selling process but were concerned about completing before the deadline, and now have some leeway to be able to achieve the savings of up to £15,000 in some cases.
Can I start the selling process now?
Some homeowners chose not to rush to sell, thinking that they would not be able to meet the deadlines, but with the extension now officially announced this is the perfect time for homeowners to go through with their sale and make the most of the savings on offer.
While the second stage of the stamp duty holiday will still be beneficial throughout July to the end of September, the amount that you can save on your house purchase will drop dramatically, which is why homeowners are keen to make the most of the £500,000 relief while they still can.
You can start the selling process at any point, and a lot of homeowners have been waiting to hear the announcement before moving forward, so now is the prime time for those who want to make the most of the extension and benefit from the savings on offer. For those wanting to sell on the open market, now is the right time to start – selling a house can be incredibly stressful, so getting things moving sooner rather than later will help you lower the pressure and keep on track.
Can I sell in the next 3 months?
Selling a house can be a long process, especially now where there are still delays being faced in another lockdown. The average house sale is taking over 6 months now, which can sound like bad news for homeowners wanting to achieve their sale within the most beneficial time of the holiday. However, there are other options available that can see you sell in the next 3 months, letting you save as much as £15,000!
Some homeowners consider selling at an auction, which is a very fast way to sell, but it’s also riskier than a standard sale. You’ll have much less control over the sale price, and while some auctions will result in a bidding war that drives up the price, this is incredibly rare. Read more here in our article should I sell my house at an auction?
Selling to a quick sale company is another speedy option, with the added bonus of you having more control of the selling price, which is why this method is often favoured over auction sales. Quick sale companies can make you a cash offer, which means you don’t face the delays of mortgage approvals that other buyers will usually bring. For more information, read our article who is a cash buyer?
Will the holiday be extended again?
The stamp duty extension has been set up in stages, making the chances of an extension incredibly low. This means that anyone wanting to take advantage of the holiday should act now – it also means that depending on your needs, rather than seeing it as a way to save money you can use it as an opportunity to buy a house that would have previously been higher than your price range had you been paying the stamp duty amount.
The announcement has already seen a flurry in the market, with increased visits to Rightmove and homeowners who thought that they had missed out on the savings on offer now keen to secure it this time around.
We Buy Any House can buy your house in as little as 3 days, and also offer you the choice to pick the completion date, allowing you to have a sale perfectly suited to your needs. Get in touch today for your free cash offer and see how you can sell before the end of the holiday!