Rishi Suhnak has confirmed that the stamp duty holiday will be extended until the end of September 2021. No stamp will be charged up to £500,000 until the end of June and up to £250,000 until the end of September 2021.
James Birt spoke to SoGlos to advise everything you need to know about the Stamp Duty Holiday extension, as well as some top tips for buyers and sellers.
The chancellor has just announced that the Stamp Duty Holiday is being extended until September 2021 – what does this mean for buyers?
This is great news for buyers as no stamp duty will be charged on properties up to £500,000 until the end of June 2021 and up to £250,000 until the end of September 2021. This could save buyers up to £15,000!
With house hunters taking advantage of the Stamp Duty Holiday, surely it’s good news for sellers too?
Since May 2020, the Gloucestershire property market has been extremely strong and therefore demand for property has been high. Properties have been selling fast and for strong prices. The demand is currently outstripping supply which is leading to some very good prices being achieved for sellers. It is definitely a very good time to sell.
What impact has the Stamp Duty Holiday had on the housing market in Gloucestershire so far?
The property market has been strong since it was reopened after the first lockdown. The pent-up demand, stamp duty holiday and change in people’s lifestyles has made the Gloucestershire property market very busy.
Have you seen an increase in listing prices since the Stamp Duty Holiday came into effect?
Zoopla reported that house prices in the south west increased by 3.7 per cent during 2020 and could rise to plus 5 per cent in 2021. There is a fine balance between achieving the highest value for the vendor and generating maximum demand – over inflating the asking price of a house because demand is high will only have a negative impact on the sale of the property. A good agent will always support their valuation with evidence of sold prices within the local area.
Are buyers more likely to pay the asking price at the moment, or is there still room to negotiate?
It is a sellers’ market with a lot of properties selling for over the asking price but there are still some properties that are negotiable, depending on the situation of the buyer.
With more people looking to move out of cities and into more rural areas, do you think the Stamp Duty Holiday extension will increase demand in Gloucestershire?
Buyers are looking for more room to live and work so will consider moving out of the city to afford that extra space, therefore, we have seen an increase in buyers moving from the larger cities such as Bristol and London to our region. We had noticed this increase in the demand as soon as the property market re-opened in May 2020 and the stamp duty holiday only added to this.
What advice would you give to buyers looking to take advantage of the Stamp Duty Holiday?
Our top advice would be not to hang around! Those thinking of moving this summer should start the process as soon as possible, including talking to their local estate agency to find out the value of their existing home and gaining expert mortgage advice, so they know what budget they have before starting the property search. The conveyance process can also take longer than people expect, as solicitors are extremely busy at the moment.
Has the Stamp Duty Holiday gone far enough to keep the housing market going during the pandemic?
Yes I believe it has. It is always a difficult balance to ensure the market does not become overheated. This feels like it gives the stimulus needed without letting things get out of control.
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