Stamp Duty Holiday Extension
In this short article we take a quick look at the time it currently takes to get a property sale completed with the new stamp duty deadlines in mind
- The Chancellor announced a stamp duty holiday extension, offering buyers in England and Northern Ireland a discount of up to £15,000 until 30th June 2021, and £2,500 up to 30th September 2021.
- In Wales, no land transaction tax will be due on the first £250,000 of any primary residential property until 30th June 2021. In Scotland, the stamp duty holiday has not been extended, finishing at the end of March 2021.
- According to Zoopla, the average time for an agreed sale to complete has increased from 90 days to 110-115 days. For sales to complete by 30th June, most will have needed to be agreed by now. To complete by 30th September a sale needs to have been agreed by 7th June 2021.
- Source: Dataloft, Zoopla