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The Chancellor has today announced the extension of the Stamp Duty Land Tax (SDLT) Holiday until the end of June 2021. This means that anyone buying their main residence will only pay SDLT on a purchase over £500,000.
The nil rate band will fall to £250,000 on 1st July 2021 until the end of September 2021 followed by a return to the pre pandemic threshold of £125,000 on 1st October 2021.
The extension of the SDLT holiday will allow time for those transactions that have been delayed by the volume of conveyancing work which is currently in the pipeline across the country to take advantage of the increased thresholds.
The national average time for a conveyancing transaction is currently around 20 weeks, this means that whilst most new purchasers instructing today are unlikely to be able to take the benefit of the £500,000 threshold for SDLT, they are likely to see some benefit of the nil rate band falling to £250,000 until the end of September.
Here at Bell and Buxton we are proud to say that we are still working at our pre pandemic timescales for conveyancing transactions of between 10-12 weeks. However, a conveyancing transaction can only move as fast as its weakest link therefore these timescales can sometimes be exceeded when waiting for other parties in the chain.
If you are thinking of buying, now is the time if you wish to take advantage of the increased SDLT thresholds.
In addition to the Chancellor has also announced that Capital Gains Tax is to be frozen at its current level which will be a relief to many property investors who may be looking to sell their properties in the coming months.
Whether you are looking to buy, sell, re-mortgage or transfer a property, please do not hesitate to contact either David Williams (email@example.com) or Sam Price (firstname.lastname@example.org) to discuss how we can assist you.