The current first time buyer stamp duty holiday ends in 140 days. That means any purchase that a first time buyer COMPLETES on subsequently, will attract a 1% levy above £125,000 when the threshold is reinstated to its previous level.
The implications of paying an additional £2500 on top of your legal fees, disbursements, survey and moving costs are obvious to those that have carefully saved for a deposit and chosen the most competitive mortgage deal. And so it’s clear that first time buyers are out there looking for their ideal purchase right NOW in anticipation of, once found, the legal work taking 8 weeks or so, longer for leasehold flats. Leaving it any longer will be cutting it very fine indeed.
But the considerations are not just for purchasers. Sellers of properties between £125,000 and £250,000 will no doubt see an easing of buyer interest from March 25th for a while, as woudl be property owners rush to bring their purchase forward to hit the deadline.
If you’re thinking of selling such a home in the Spring, then reconsider. List your property NOW and grab a buyer in the next few weeks because, Christmas lull or not, you have a good chance of selling in the next couple of months rather than missing the first time buyer boat from March onwards.
Talking of savings, as a home seller listing with eMoov online estate agents you can expect your own payment holiday. A permanent one in that at our low costs, you’ll save £thousands in estate agents fees.