You are here: Home - Mortgages - Buy To Let - News -

Countdown to Stamp Duty holiday deadline begins

Written by:
There are just 70 days left to take advantage of the Stamp Duty holiday, said Moneysupermarket.

But the price comparison site revealed the average property transaction actually takes 77 days to complete, and first-time buyer purchases even longer at 99 days.

This means many buyers will be scrambling to try to complete their purchase before the deadline to potentially save thousands of pounds on tax.

The scheme was meant to end in March but was extended by the Chancellor in his Spring budget. The extension was intended to help those with purchases already in progress to complete, but in fact it prompted more people to try to buy before the new deadline. The extension saw a 421% increase in new mortgage enquiries, with first-time buyers most likely to try to take advantage of the extra time.

Boost for buyers
Nearly two thirds (63%) of home hunters are in the market as a result of the Stamp Duty holiday, said Moneysupermarket.

Younger buyers (25-34 year olds) are the most likely to take advantage of it, with 71% having bought a home or claiming that they intend to do so as a result of its introduction.

There are now just under 10 weeks until the extended June deadline, after which the nil rate band for stamp duty will fall to £250,000 until the end of September. From 1 October the usual level of £125,000 will return.

Jo Thornhill, finance expert at Moneysupermarket, said: “The stamp duty holiday extension has been hugely popular but those seeking to take advantage of it better hurry with the deadline now only ten weeks away.

With the average home purchase taking 77 days to complete, many will be cutting it fine. However, if you’re chain free and have only just started looking, you should still have enough time if you act now.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Unfamiliar banks woo savers with top rates…is your money safe?

If you’ve been keeping an eye on the savings best buy tables, you’ll have noticed some unfamiliar names lu...

What the base rate rise means for you

The Bank of England has raised the base rate by 0.25% to 0.5% – following on from the increase from 0.1% to ...

How to get help with your energy bills

The rise in the energy price cap from April will mean millions of households will pay hundreds of pounds a yea...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week