Can you benefit from the stamp duty as an investor?
Buyers now only have 85 days to reap the rewards of stage two of the stamp duty holiday, that is before nil rates of the thresholds return to the pre-covid levels of £125,000 on the first of October.
Regions that could still benefit from stamp duty
Between July 1, 2021, to September 30, 2021, next time buyers in England and Northern Ireland don’t pay stamp duty on the first £250,000 of a property purchase.
Thereon out they will pay 5% on the next £675,000 of the purchase (between £250,001 and £925,000).
The average property price being £336,073, buyers during the above-mentioned period will pay £4,304 which is a saving of £2,500 in stamp duty as oppose to £6,804 in other periods.
So, if you want to save a significant amount of money you need to complete a purchase within the next 85 days. This is a near enough impossible thing to do as it saves on average 144 days to complete a property deal within the UK. Due to the high demand, which is obviously driven by the stamp duty holiday, there are even higher delays on the home buying process, however, there are some locations in which buyers can beat delaine!
It goes without saying that the stamp duty relief of some extent was majorly driving the property market ahead over the course of the past year. During a period where many thought property transactions would fall due to households struggling, this was what incentivised people to move.
It is still important to remember that you have until September 30th for those who want to move homes and won’t pay stamp duty on the £250,000 which still means big savings!
postcodes in Shrewsbury, Hereford, Wigan, Preston, and Ipswich as the top five fastest places to complete on a mortgage. Wakefield, Harrow, Telford, Torquay, and Bournemouth complete the top 10, showcasing a good geographical spread of regions when it comes to fast mortgages – from suburban London to the South Coast, the Southwest, the Midlands, the North, and the East.