Buyers striving to complete property purchase before end of stamp duty holiday

Many buyers are now said to be rushing to try and complete the purchase of a property before the stamp duty holiday in the UK comes to an end. The stamp duty holiday was brought in last year in a bid to try and kick start the property sector.

At the time the Chancellor, Alistair Darling, announced that stamp duty would be suspended on properties of between £125,000 and £175,000, potentially saving the purchaser up to £1750 on their property purchase.

Those buying property up to the value of £125,000 are exempt from paying any stamp duty anyway, but the stamp duty suspension on higher value properties means that those that are buying a property that is over £125,000 but no higher than £175,000 will need to act quickly so that they are able to complete the sale before the stamp duty suspension comes to an end.

The stamp duty holiday has already been extended once, as it was originally due to end in April. However, it was then extended until the end of this year, which is fast approaching.

Most industry officials do not believe that the stamp duty holiday will be suspended again, and this means that those wishing to get the stamp duty money off the purchase of their home will need to get things moving along as quickly as possible. Consumers that are going through a purchase are advised to keep on top of surveyors, solicitors, and other professionals involved in the purchase of the home to ensure that things are moving along as quickly as possible.

One mortgage brokers, Richard Morea from London & Country, said: “While the average chain takes six to 12 weeks to complete, first-time buyers are in a strong position to get in before the deadline, as many will be buying new properties and developers will be keen as mustard to get sale proceeds on their books before the end of the calendar year.”