What to Expect Following the Stamp Duty Holiday
Without doubt the stamp duty holiday introduced by Rishi Sunak last year has been a huge success and helped build some much needed positivity for the property sector. However, with the March deadline looming, some housebuilders are starting to report a drop off in sales as the likelihood of completion before the 31st March reduces by the day.
Many homebuyers saw the stamp duty holiday paired with the sudden need for more space due to home working as an opportunity to move. It is not surprising that most buyers are looking for a house with a garden or near a park to enjoy some much-needed outdoor space.
It is thought that more than half a million buyers are in the race against time as they try to complete before the deadline, however problems such as access issues and lack of planning have created delays and uncertainty for buyers.
The industry is pushing hard for an extension on the stamp duty holiday which experts agree is only fair for those who have done all they can to expedite their sale. Despite this, a long term extension seems unlikely, with stamp duty providing a much needed source of Government revenue, raising billions each year.
At Morrison Property Services, we are urging buyers to be prepared, ensuring you have an EPC for your property (if selling), a mortgage in place if required or access to funds. If buyers and sellers are more organised, the quicker their sale will progress. Instructing solicitors early is always advised. We advise a good tidy of the house and garden to ensure it is in a presentable condition; a full refurbishment is not always necessary.
If you are considering selling or are in need of advice, we offer a free no obligation property appraisal and, when required, valuation services. In additional to your typical residential property we specialise in more unusual instructions such houses with land, buildings, stables and property for business use.
Our office remains open and fully operational during these unprecedented times; despite some of the team working remotely they are on hand to help with all property enquiries. You can contact us via phone or email to chat about your property requirements. In the meantime we hope you are keeping safe and we look forward to hearing from you.
Sally Kendrick and Lydia Sirovica
Oakwood Valuation Surveyors
Incorporating Morrison Property Services