The stamp duty holiday, introduced in July 2020 by the Chancellor of the Exchequer Rishi Sunak, was designed to reignite the flagging property market following years of uncertainty over Brexit and COVID lockdown restrictions. The eight month discount period allows homebuyers across England and Northern Ireland to benefit from a stamp duty (SDLT) exemption when purchasing homes up to a value of £500,000 (previously this tax threshold was £125,000), with a reduced rate for more expensive homes. For example, someone buying a £700,000 property will save £5,000 in SDLT while another buying an £800,000 property will save £15,000.
One of the major property-related consequences of the pandemic has been the soaring popularity of auctions, which were able to continue even during the first national lockdown as auction houses across the country were geared up for remote ways of working.
London and other urban areas dominate the league table of locations seeing the biggest house price rises of 2020.
The government has announced a further extension of the eviction ban until 21st February, at which point it will be reviewed.
The UK property market is continuing to rally following the pandemic lockdowns and is being driven by strong demand from homebuyers, new data has revealed. Sales completions are forecast to reach 1.5 million this year, up from 1.04 million last year – the highest level since 2007. The value of sales in 2021 is forecast to be £461 billion, up an impressive 68 per cent from 2019. Furthermore, although fractionally down on the 4.7 per cent peak earlier in the year, annual house price growth is also up on last year at 4.1 per cent, which is almost double the 2.3 per cent increase in April 2020.
If you’re trying to bag yourself a cheap buy-to-let property that will bring in a handy income for you, you might be thinking about attending an auction. After all – it looks simple enough on those daytime TV shows, where enthusiastic bidders are filmed renovating bargain properties, which they then sell or let for a healthy yield. How hard can it be?
House prices have have gone crazy recently as buyers rush to take advantage of the stamp duty discount, which runs until the end of March 2021. However, it appears the house price boom may be about to come to a grinding halt with new data showing a predicted fall in prices in January and February.
Agents and the housing market in England are still in business even during the third national lockdown which begins on Wednesday and will last until mid-February at least.
- New Tier 4 rules on buying, selling, moving home, and tradespeople
- Buy-to-let sales boom as landlords rush to benefit from stamp duty holiday
- Nationwide: House Price Growth Rises To Five-Year High Of 6.5%
- Landlords Learn On The Job
- The North West Is a Repossession Hotspot
- Auction buyers have the best chance of benefitting from the stamp duty holiday
- Housing Market Stabilising during the second lockdown
- UK housing market expects 100,000 extra home sales in early 2021