One of the gamechangers in last year’s property market was the introduction of the Stamp Duty holiday. 

Buyers were understandably nervous at the height of the coronavirus pandemic and this welcome move, which runs until March 31, gave everyone involved in the process a much needed shot of confidence.  

A petition has been launched to urge the Government to extend the scheme by at least another six months to allow the backlog of surveys and associated paperwork to clear. However, as yet there has been no sign of movement, so if you do want to benefit from the relaxation of the rules, you will need to move quickly. 

Buying a home is the biggest investment most people will make in their lifetime and Stamp Duty adds a considerable sum to any outlay. Under the current exemptions, the average house buyer will save £4,500. Covering properties up to £500,000, those buying at the top end of the market could see their final bill reduced by up to £15,000, but only if  purchases are completed by the end of March, 

If you want to find out more visit www.gov.uk/stamp-duty-land-tax/residential-property-rates where you’ll find an easy to use Stamp Duty calculator. 

Author:  Sarah Freeman, V&A Homes