fbpx
Contact us

Register your interest



    If you would like to receive exclusive news and offers from GIHLondon, please select your preferred method of communication below:
    CallEmail
    If you would like to receive exclusive news and offers from GIHLondon, please select your preferred method of communication below:
    CallPhone
    This individual has agreed to the terms and policies

    I have read and agree to the Privacy Policy and Terms & Conditions*

    < Close
    Home > News > UK Stamp Duty Holiday – Consequences of a rush in demand

    UK Stamp Duty Holiday – Consequences of a rush in demand

    Wednesday, March 17, 2021

     

    Rishi Sunak, England’s Chancellor of the Exchequer, has put a deadline of March 31st, 2021 on the stamp duty holiday.

    This “holiday” allows for no stamp duty to be paid on the first £500,000 of any UK property purchase and offers a savings of some £15,000 to all buyers.

    The Chancellor also announced a 2% non-residents Stamp Duty surcharge to come into effect on the same day next year.

    Industry bodies have written to Rishi Sunak over the past three weeks requesting an extension for buyers due to a building backlog of transactions that will be unable to complete in time, making buyers wary of committing to a mortgage, legal and valuation fees in advance of a potential purchase.

    Further industry requests have been to create a “smoothing” at the end of any stamp duty extension.

    By acting now, the Government will be able to release pressure on the system and avoid a disorderly and distressing period for buyers throughout the market.

    An avalanche of pressure from Estate agents, mortgage brokers, solicitors is likely to make March 31stsmoother for buyers.

    Buyers are reminded to act quickly to be sure of March completion.

    Share this article

    London Estate Agents / Enquiries / Sales

    Tuesday, March 16, 2021

    Nationwide expect a sharp recovery in UK house prices. Rics state that in their April survey sales levels will rebound to their previous levels within 9 months. The overall consensus is one of growth now. Given recent upheavals, it...

    Read more
    Invest In London With GIH

    Why invest in London?

    London has one of the world's top performing investment property markets which is forecast to continue its growth for the foreseeable future.

    Find out more
    Enquire about our investment opportunities in London
    Enquire Now