Buyers should be aiming to complete as soon as possible to avoid missing out on the stamp duty holiday extension, according to Robert Burdett, managing director of James Leigh Property Management.
Buyers should be aiming to complete as soon as possible to avoid missing out on the stamp duty holiday extension, according to Robert Burdett, managing director of James Leigh Property Management.
The extension could mean that the expected bottleneck at the end of March could be avoided, and buyers set to miss out on the holiday will now be able to take full advantage of the savings according to Burdett.
Burdett said: "The stamp duty extension until the end of June is good news, but buyers must remember that a house sale takes time.
"June may seem like a long way off, but in reality, those few weeks will be gone in no time.
"Buyers must take decisive action when they have found a property to get their purchases across the line in time.
"We fully expect a bottleneck at the end of June, so waiting too long could mean missing out."
"It's good news for all those buyers in the middle of a sale now who could have faced a big stamp duty bill that they had not anticipated.
"That could have led to sales falling as buyers pulled out, as well as a bottleneck as buyers raced to complete their sales in time."
"It's good news that sales can complete without disruption, but also means that new buyers may be able to take advantage of the extension and tapering that has been included."
The Chancellor confirmed the stamp duty extension at the Budget, meaning that 234,000 buyers who agreed on a sale from late last year to early March, who may not have expected to benefit, will now save nearly £1bn if they complete by the end of June.
The tapering announcement of further savings on the first £250,000 of any transaction also means that hundreds of thousands of buyers will benefit from savings of up to £2,500 if they agree on a sale over the spring, allowing four months for completion.
James Leigh Property Management forecast that around 280,000 home movers could save, over and above first-time buyers who mostly pay no stamp duty on these transactions.
A majority of these transactions will be in the £250,000 to £500,000 price bands followed by £125,000 and £250,000 price bands.
Burdett added: "The stamp duty extension announced by Rishi Sunak in the Budget is good news for all those buyers in the middle of a sale now who could have faced a big stamp duty bill that they had not anticipated.
"That could have led to sales falling as buyers pulled out, as well as a bottleneck as buyers raced to complete their sales in time."
"It's good news that sales can complete without disruption, but also means that new buyers may be able to take advantage of the extension and tapering that has been included."
Buyers could still benefit from stamp duty savings if they start to progress their purchase now according to Burdett.
He continued: "Positive moves to support the housing market, and other steps to support the wider economy have meant that the housing market has remained buoyant throughout the coronavirus pandemic.
"I would urge anyone thinking of buying or selling their home to start now so they don't miss out."
