The Stamp Duty Land Tax Holiday has officially come to an end as Thursday 30th September saw many solicitors working hard to complete purchases for their clients to save them money on their purchase.
The popular Stamp Duty Land Tax Holiday was introduced by the government, to provide people with confidence about buying, selling and renovating during the COVID pandemuc, which in-turn supported jobs and fuelled economic growth.
The scheme was originally due to come to a close at the end of March, but the main holiday was extended for 3-months to avoid impacting on property sales in transaction as solicitors were facing backlogs due to high workloads. It was announced in the Spring budget with the extension for 3-months that the end of the Stamp Duty holiday was to be tapered to avoid the situation many property buyers were facing in March.
The main holiday evenutally came to an end on the 30th June, where buyers were able to make savings of up to £15,000. This had an impact on buyer demand in March to April where transactions would have had to be agreed in order to realistically complete a property purchase by the 30th June. Buyer demand decreased compared to previous months but remained high in comparison to previous years.
The Stamp Duty Holiday from the 1st July to the 30th September provided costs savings for buyers of up to £2,500 on their purchase. The close of the second phase of the scheme has had a limited impact on buyer behaviour with demand still 35% higher than historical levels at this time of year.
The UK property market is showing no signs of slowing down, with properties selling in less than 30-days on average since May this year. Property price inflation is up 6.1% year-on-year and up to 9.8% in cities such as Liverpool, where affordability is highest.
Despite the end of the Stamp Duty Holiday coming to a close, there are still excellent deals available for UK property for investment, with opportunities for below market value property available if you know where to look.
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