The Stamp Duty holiday has been a blessing for many house buyers and sellers this year. If you’re hoping to still take advantage of the tax break you have just 19 weeks before the Stamp Duty Holiday deadline.
The Stamp Duty holiday has not only helped first-time buyers secure a better deal. But it has also allowed sellers to secure premium house prices. But all that is about to change as the deadline comes into affect on the 31st March 2021.
Best areas to beat the 2021 Stamp Duty holiday deadline
The Advisory has crunched the numbers to reveal where homes sell fast enough in England to beat the 2021 Stamp Duty holiday deadline. The Advisory has used its PropCast tool to work out the house sales success rates across England to predict the areas with the worst chance of selling their homes before the deadline.
If you are selling or looking to buy in Westminister, sadly times-up according to The Advisory’s prediction. The London borough was found to have 35 per cent of properties on the market currently under offer suggested low buyer demand. Bad news if you were still hoping to capitalise on the Stamp Duty Holiday house price bump.
Home sales in Canterbury, Chichester, Durham, Lancaster, Lincoln, London, Newcastle Upon Tyne, Peterborough and Oxford were also predicted to be unlikely to beat the March deadline. The Advisory found between 35 to 49 per cent of the properties available under offer.
While this indicates a moderate level of buyer demand, it means properties are likely to sell at an average pace. Narrowly missing out on the tax break.
However, it’s good news for the rest of the UK, with over 50 per cent of properties on the market currently under offer. This means properties are selling above an average pace, pushing them through in the nick of time.
‘With only nineteen weeks to go before the SDLT holiday comes to an end, not all property sellers will be able to capitalise on this rare chance to secure a premium price,’ explains Gavin Brazg, Founder of The Advisory.
‘It takes roughly 21 weeks for property sales in hot markets to find a buyer, accept an offer and complete the legal process. So I expect only sellers that are already on the market, or lucky enough to be in an area where homes are likely to sell fast, will be able to get their deal over the line in time.’
If you want to take advantage of the Stamp Duty Holiday, you better get your skates on. The clock is ticking.