Rumoured stamp duty extension to end of June – latest estimates
February 24, 2021
Following the latest rumours that the stamp duty holiday could be extended to the end of June, here is the estimated effect it could have:
- Rightmove estimates an additional 300,000 property transactions in England could benefit from the tax saving, based on previous HMRC data
- If an additional 300,000 transactions made it through, buyers could save £1.75 billion in total
- Based on the current sales that have been agreed in England, 80% would pay no stamp duty due to this holiday
There are an estimated 628,000 sales in total still currently in the legal process across Great Britain, including those that were agreed last year and those that have been agreed so far this year.
Currently, Rightmove estimates that 100,000 buyers who agreed a purchase last year are set to lose out, if the deadline stays as 31st March.
You May Also Enjoy
Letting Agency Owners: Are You the Bottleneck in Your Business?
As a letting agency owner, it’s easy to fall into the trap of wearing too many hats. But it’s not just exhaustion and burnout you need to worry about – it’s the impact it’s having on your bottom-line. Guest Blog By Sally Lawson – Agent Rainmaker “From managing client relationships and handling operations, to overseeing…
Read More 
Latest developments in Renters’ Rights Bill: What landlords need to know
On the brink of becoming law, the Government last week rejected the majority of amendments put forward by the House of Lords, which would have mitigated the severity of some of the amendments. Property professionals, landlords and tenants are poised to navigate this once-in-a-generation overhaul of housing legislation. Lucy Jones, Chief Operating Officer at…
Read More 
What Will Commonhold Mean for Property Managers?
By Robert Poole, Director – Block Management, Glide Property Management, part of LRG The government’s ambition to end leasehold for most residential properties has put commonhold back into the spotlight. First introduced in 2002, commonhold offered a resident-led alternative to traditional leasehold ownership. However, legal and commercial complexity stalled adoption. Two decades later, policymakers are…
Read More 
Think You Know Mortgages? These 5 Myths Could Be Costing You Money
When it comes to mortgages, most of us have had advice from family and friends. The trouble is, a lot of these so-called facts are myths, with many individuals missing out on better deals or opportunities, due to not doing their own due diligence. Emma Graham, Business Development Director at Hodge Bank, explained: “Mortgages are…
Read More 
Just 17% of homes selling for more than £500k
The latest analysis by eXp UK has revealed that while just 17.4% of homes sold across England and Wales so far this year achieved a price of £500,000 or more, agents in London, the South East, and the East of England will face the greatest need to adapt should the Government press ahead with plans…
Read More 
Estate agents back Rachel Reeves’ stamp duty shake-up but call for abolition without replacement tax
The latest research from GetAgent has revealed that the majority of estate agents in England are supportive of Chancellor Rachel Reeves’ plans to overhaul property taxation by scrapping Stamp Duty Land Tax (SDLT). However, 44% argue that the new levy should be focused only on higher-value homes, while 79% favour abolishing SDLT outright without introducing…
Read More