Home seekers reminded to make the most of the stamp duty holiday
A property search firm is urging home seekers not to be slow in taking advantage of the stamp duty holiday as the housing market boom continues.
The government has temporarily increased the stamp duty threshold to £500,000 for property sales in England and Northern Ireland, until 31 March 2021, to help buyers who have taken a financial hit because of the coronavirus crisis and boost the property market.
X-Press Legal Services Cornwall & Devon provides property searches and reports which are at the heart of all property transaction processes related to local authority, property, and environmental issues.
The 26 office firm has seen a surge in demand for searches as the housing market post lockdown but fears that consumers may not fully realise the timescales involved to ensure that they are able to make savings on stamp duty.
James Ferguson, co-owner of X-Press comments: “With the HM treasury estimating that nearly nine out of ten people getting on to or moving up the property ladder will make savings we know that the holiday scheme is a positive for both buyers and sellers.
“However, we’re urging home seekers not to underestimate the time it can take to complete a property transaction. The conveyancing process takes around 12-16 weeks. It is possible to get it done in as little as a month, but various things can delay the process. Consumers need to ensure that they can take full advantage of the stamp duty holiday which officially ends on 31 March 2021 - the sooner you start the property transaction process the better chance you have of not paying the 3% tax.”
X-Press provides around 400,000 search reports to conveyancing solicitors each year but has just seen its best September on record with a 35% increase in instructions compared to September 2019 as the housing market has reawakened with vigour post-lockdown.
James continues: “Because of COVID-19 we have been forced to spend much more time in our homes than ever before. Many will have found that our house is no longer the home we now need with changes in flexible working and social distancing. Cornwall and Devon in particular have become even more attractive to people looking to change the way they live and work. The area has always attracted people looking to achieve a better work/life balance but that has now become even more of a priority for those now able to work from home. Also, people have had the time to research their next property, so we’re not surprised that there has been a recent surge in search reports.”
The firm extended its secure suite of digital services during the pandemic including new insurance and security features to keep most UK property transactions moving.
