The stamp duty holiday that is due to end of March 31st is expected to be extended until the end of June, according to a report by The Times.
It has been reported that Rishi Sunak will be moving the deadline as part of his budget plans on March 3rd 2021 next week. Here at Berkley, we will be watching closely and advising clients when and if the plans go ahead.
How would the stamp duty holiday extension help the property market?
This extension would help get transactions through that would otherwise miss the tax relief. Rightmove estimate that around 100,000 transactions would miss out on the Stamp Duty holiday if the date does not get pushed back.
The Stamp Duty holiday has allowed the property market to prosper throughout a difficult year for the economy due to Coronavirus. In December 2020, over 129,000 transactions went through, compared to 87,000 in December 2014.
What does this mean for those in Leicestershire?
We spoke to our Sales Manager, Alex Broadley, to get his expertise on what an extension of the Stamp Duty holiday could mean for clients in Leicestershire.
“When the stamp duty holiday was first announced we experienced an influx of new homes coming to the market and with that a surge of buyers wanting to benefit from the stamp duty saving. If this sounds like you, my advice would be to contact me and I will come round, provide you with a valuation, take photos and get you market ready so we can hit the ground running with viewings if and when the extension is announced.”
Alex Broadley, Sales Manager.
How much am I saving with the Stamp Duty holiday?
Currently, up to the 31st March the rates are:
| Property or lease premium or transfer value | Stamp Duty Rate |
| Up to £500,000 | Zero |
| The remaining amount £500,001 to £925,000 | 5% |
| The remaining amount £925,001 to £1.5 million | 10% |
For those who want to purchase an additional home the stamp duty rates are as follows:
| Property or lease premium or transfer value | Stamp Duty Rate |
| Up to £500,000 | Up to 3% |
| The remaining amount £500,001 to £925,000 | 8% |
| The remaining amount £925,001 to £1.5 million | 13% |
| The remaining amount above £1.5 million | 15% |
Get in contact with Berkley today…
Get in touch with your local Berkley branch in Leicester, Barrow upon Soar or Kibworth. One of our friendly team will guide you through our selling process and book in a valuation for your property. We will then guide you throughout your journey with us and help you take advantage of the expected stamp duty holiday.