The Stamp Duty Holiday officially ends on the 30th September
The Stamp Duty Holiday, which was introduced on the 1st July 2020, and was extended this year, will officially come to an end on the 30th September. So, from the 1st October 2021, rates will return to pre-Covid levels –
£0-£125,000 = 0%
£125,001-£250,000 = 2%
£250,001-£925,000 = 5%
£925,001-£1,500,000 = 10%
£1,500,001+ = 12%
But will this have an effect on the property market? According to reports, not really. Although the Stamp Duty Holiday stimulated the market, it wasn’t the sole, or driving reason. In fact, a lot of property experts don’t believe the end of the Stamp Duty Holiday - which was more of a nice-to-have benefit than a reason to move to lots of people – will have an affect on the property market at all.
In fact, the Lockdown Effect - the need for more space, larger gardens, the ability to work from home and the need for home offices – have been the more important factors for recent property market boom according to property market experts.
So, coming into one of the busiest seasons of the property market, now is the time to really start pushing for valuations to turn into listings, and to ensure that your negotiators and valuers know that the end of the Stamp Duty Holiday isn’t a negative thing, and that they should still be expecting to be busy over the next few months.