Property market update
The announcement of a third lockdown starting on Tuesday 5th January will undoubtedly cause some to re-think moving but the property market remains well and truly open and moving is still possible.
At this time the Government’s Stamp Duty holiday is still set to end on March 31st 2021. So if you complete on a property before the end date, you will pay a reduced amount of stamp duty tax, or possibly none at all. Find out more about the thresholds by reading our article What does the Stamp Duty Holiday mean for you?
While the deadline’s still three months away, the increase in demand as a result of the stamp duty holiday combined with the new ‘lockdown’ restrictions will result in some aspects of property transactions taking much longer than usual.
That means it’s really important to ensure you’re still able to afford your property purchase without the Stamp Duty relief, just in case you miss the 31st March deadline.