End of Stamp Duty Holiday....

“It’s been challenging!”

30 June 2021 – the end of the so called “stamp duty holiday”. Will it be the end of the stress and sleepless nights for property lawyers and everyone else involved in the house buying process? Hopefully, but we are not holding our breath.

And it is not only the lawyers who have been stressed. Moving house is always a stressful time and this has only intensified the stress making some (but not all!) buyers even more pushy and grumpy.

Stephen Greenwood, Director at Thomson Hayton Winkley Solicitors, Kendal, who specialises in residential conveyancing, said “It has been a challenging few months for our conveyancing team! Clients’ stress is understandable given that completing before 30th June will have saved some people thousands of pounds. But the huge increase in transactions has also caused delays in us receiving search results and mortgage offers due to the high demand. This has compounded the problem.

Despite the 30 June deadline there are still savings to be made and we are still taking on many new instructions, which shows that the stamp duty holiday may not be the only reason for the property market uplift”.

Another factor to consider is that due to demand, property prices have increased rather dramatically, meaning that although it may seem that clients are saving money from stamp duty, they are actually paying substantially more for their property than they would have done pre-stamp duty holiday, which in some cases makes the scheme a ‘false economy’.

Between 1 July and 30 September, the Stamp Duty threshold will be reduced from the “holiday” level of £500,000 to £250,000 and from 1 October, the previous threshold of £125,000 will be reinstated. So whilst the savings after 30 June will not be so high, they could still make a significant difference.

For more information on how Stamp Duty Land Tax is calculated, see https://www.gov.uk/stamp-duty-land-tax/residential…

Published 30 June 2021

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