Stamp duty holiday deadline extended until the end of June
The Government has announced that the temporary stamp duty holiday in England and Northern Ireland has been extended until the end of June 2021.
The news will come as a relief to those buyers and sellers who have been desperately trying to get their sale completed in time to meet the previous deadline of 31st March.
What is the temporary stamp duty holiday?
The temporary stamp duty holiday, first announced by the government on 8th July last year, means that if you are buying a home up to the value of £500,000 you will not pay any stamp duty.
The extension means you now have until 30th June to complete on the purchase to make the stamp duty saving.
Then, to smooth the transition back to normal, the nil rate band will be £250,000, double its standard level, until the end of September.
It will return to the usual threshold of £125,000 on 1st October.
Alec Cox, Cranbrook Estate Agency, says;
“This three month extension comes as great news to the residential teams at Lambert & Foster who have all been working hard to successfully complete sales within the initial March 31 deadline. The new extension brings continued opportunities and shines a positive light on the active housing market.
Since mid-January, with the good news of infection rates slowly falling and vaccinations being swiftly rolled out, the appetite to buy amongst active purchasers has continued at pace across a broad spectrum of values. However, the number of available homes for sale is falling considerably short of meeting demand. With this in mind, we invite anyone who is looking to sell in Kent and Sussex, to take up our offer of a free market appraisal to capitalise on this busy market and the potential savings the stamp duty holiday extension brings.”
