What Is The New Stamp Duty Holiday?

The Chancellor announced on 8th July that there will be a stamp duty holiday until 31st March 2021 on properties costing up to £500,000 in England.

This means anyone buying their main residence will be exempt from SDLT on properties worth up to £500,000 thanks to this change – offering the potential to save up to £15,000 in Stamp Duty Land Tax.

Buy-to-let properties and second homes will still have the 3% surcharge on purchases but will also qualify for the new tax holiday on the main SDLT charge.

Should You Buy And Sell In Manchester At The Moment?

If you live in Manchester and are considering moving house, now is a good time as you will save in stamp duty on your new property and buyers will want to make the most of the stamp duty holiday which could mean there is a greater interest from buyers for your current home.

However, we fully appreciate that the potential of a second wave of coronavirus is making many nervous of moving house at the moment. There is a great deal of uncertainty and restrictions in place, making the purchase process less straightforward than during normal times.

The House Price Index found Manchester had one of the greatest year-on-year house price increases at 3.9% in June, just behind Nottingham at 4.3%.

Our conveyancing solicitors at HLF Berry have certainly experienced high demand since lockdown eased and the housing market reopened on 13th May and have been busy supporting customers through the process successfully.

We work hard to ensure the property transactions aren’t delayed and timescales are stuck to throughout the property purchase process – and this would still be the case even if a second lockdown or local restrictions are put in place.

“There are fewer physical viewings at the moment than normal for the time of year but sales are strong and there is a great deal of interest from people wanting to sell and buy within the Manchester area at the moment – and to make the most of the stamp duty holiday,” says HLF Berry Assistant Conveyancer, Mike Austin.

Helping You With Your Property Purchase

If you decide to sell your home and buy a new property at the moment then our conveyancing solicitors are here to help you – our specialists have the experience and thorough understanding of the property market to advise and guide you through the whole process, helping to keep delays and issues to a minimum even if we experience further restrictions due to the coronavirus pandemic.

Your conveyancing solicitor will advise you at every step of the way and keep you up-to-date to help ensure any potential problems can be rectified early to lessen delays and complete the process as quickly as possible.

To speak to one of our specialist solicitors about selling or buying property during the stamp duty holiday period, please contact us at our Chorlton office on 0161 860 7123 or email chorlton@hlfberry.comor at our Failsworth office on 0161 681 4005 or email failsworth@hlfberry.com