Completing Before the End of the SDLT Holiday

By Kirstie Philpott

Senior Associate

It’s the only holiday a lot of us will be enjoying this year…

When we went into total lockdown at the end of March, restrictions were heavy – you couldn’t leave your home unless you were a key worker, visiting the supermarket or out for your once a day exercise.

Removal companies had to shut down, and while solicitors were still working from home getting transactions through, the physicalities of moving home were simply not possible.

As lockdown started ease, there was a lot of worry and uncertainty about where the property market would be left.

In June, estate agents were noting declines in the number of properties being listed and lenders were starting to tighten the purse strings on their lending criteria.

Everything was looking very bleak for housing until the government announced the SDLT holiday in July. Since then, buyers and sellers have rushed to the market in an attempt to take advantage of the government’s offer to save up to £15,000 in SDLT.

Agents are now reporting the fastest rise in house prices since 2016 with increases of more than 5% in the third quarter of 2020 compared to 2019.

To be able to take advantage of the SDLT holiday you must complete your purchase of your new home before 31 March 2021. We have no word from the government yet about whether this relief will be extended.

For more information and to find out how we can help you, please contact us on 0345 646 0406 or fill in our online enquiry form and a member of our Team will be in touch.