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Rush to beat the Chancellor’s stamp duty holiday

Bryony Smith client, clients

Here at GCB Recruitment we specialise in property and financial services recruitment and we think it’s important to stay up to date with the latest industry news.

In the summer, the Chancellor Rishi Sunak suspended stamp duty until 31 March 2021 on all property sales in England and Northern Ireland on the first £500,000 with the aim of boosting house sales and the economy.

Stamp duty is a tax paid by people buying properties and the cost depends on the price of the property and where you are based in the UK.

 
Source: You Tube/The Telegraph 
 

Subsequently the property market is experiencing a ‘mini boom’ with many home buyers racing to take advantage of the stamp duty holiday – hardly surprising when some buyers could be saving as much as £15,000 when purchasing a property of £500,000 or more.

Mortgage lender Halifax also announced for the first time the average house price topped £250,000.

However, critics are concerned that when it comes to March there may be a slump in demand and some buyers may be forced to pull out of transactions if they fail to meet the deadline. For first time buyers The Help to Buy scheme also ends in March. 

In the coming months we will be keeping a close eye on this story and it will be interesting to see whether Rishi Sunak extends the stamp duty holiday beyond March.

Meanwhile if you are currently looking for staff or a new opportunity within the property industry or financial services find out how we can help – call us on 01603 667777.