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£2,500 saving for 3Q purchases

5 Jul 2021
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£2,500 saving for 3Q purchases

This week in five seconds

  • Bumper week for sales
  • £2,500 saving on property purchases above £250,000 for 3Q
  • Other sales now back in focus
  • House prices continue to power upwards in June

Bumper week for sales

With the end of the stamp duty holiday, the first half of last week saw agents and solicitors getting those final sales over the line. We saw an unprecedented number of simultaneous exchanges and completions on the 30th June with some sales that went through only having been agreed a few weeks beforehand.

 

£2,500 saving on property above £250,000

With the first stamp duty holiday out of the way, agents have noted that they have been very busy with valuations and listings of properties that will still benefit from the second stamp duty holiday, ending on the 30th September 2021.

From 1 July, stamp duty will kick in above £250,000 at the following rates:
£0-£250,000 = 0%
£250,001-£925,000 = 5%
£925,001-£1,500,000 = 10%
£1,500,000+ = 12%

From 1 October 2021, rates are due to return to normal. That means the point you to start paying stamp duty will revert back to £125,001:
£0-£125,000 = 0%
£125,001-£250,000 = 2%
£250,001-£925,000 = 5%
£925,000-£1,500,000 = 10%
£1,500,000+ = 12%

So the stamp duty saving on the purchase of any primary home residential property at or above £250,000 will be £2,500 until September 30th. So we’ve had the bulk of the saving here which was £15,000 before 30 June.
With a high volume of property coming on in this price range, price sensitivity has increased with buyers having a large number of properties to view. If you are looking to list your property ensure that you ask your local agent what other similar properties are listed so that you are sure you are pitching at the right level. If you are looking to buy, take advantage of the choice, have a look at all the relevant properties to you and then commit to a purchase, giving yourself plenty of time to exchange and complete.

 

Other sales now back in focus

Solicitors are now focusing on the backlog of sales that weren’t reliant on completing by the 30th June and trying to ensure that they are held together. As busy as ever, make sure your solicitor has everything they need from you in order to progress your sale and if you are a purchaser, ensure you are choosing a solicitor who is not overloaded with a backlog of work.

 

House prices continue to power upwards in June

Nationwide released their house price index for June showing prices were up AGAIN, with a +0.7% mom increase. We think these price rises will hold or rise through year end due to the low level of stock on the market, returning economic confidence and pent up desire for people to change their living circumstances.

Have a great week, and hopefully a quieter one for the solicitors!
The Movewise Team

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