On 03 March 2021 the Chancellor of the Exchequer announced in the Budget that the current Stamp Duty holiday has been extended.

The extension will last until 30 June 2021 for residential properties up to £500,000 and then to 30 September 2021 for residential properties up to £250,000 but does not apply to buy-to-let properties; so, the following applies only to buying a property to be your main residence.

Until 30 June 2021 Stamp Duty is not charged on the first £500,000 of the purchase price, with a rate of:

  • 5% between £500,001 – £925,000;
  • 10% between £925,001 – £1.5m; and
  • 12% on any value above £1.5 million.

From 01 July to 30 September 2021 Stamp Duty is not charged on the first £250,000 of the purchase price, with a rate of:

  • 5% between £250,001 – £925,000;
  • 10% between £925,001 – £1.5m; and
  • 12% on any value above £1.5 million.

On 01 October 2021 Stamp Duty is not charged on the first £125,000 of the purchase price, with a rate of:

  • 2% between £125,001 – £250,000;
  • 5% between £250,001 – £925,000;
  • 10% between £925,001 – £1.5m; and
  • 12% on any value above £1.5 million.

Buying and selling a property does not take place overnight, we urge you to take action now if you wish to take advantage of this opportunity.  Do not miss the deadlines and miss out on a potentially large saving when buying your home.

Due to an increase in property transactions nationally, there may be significant delays in the results of Searches being received from the relevant Authorities.

The issue of Mortgage Offers by Lenders may also be delayed due to their volume of work.

These delays may have an impact upon when a transaction can be completed.

This reflects the current position. We are not aware of any possibility of these time limits being further extended in the future.

Please contact us on 0121 511 2233 if you are buying or selling a property, where a member of our experienced and helpful team will be able to assist you further. Please also see the ‘Moving House’ section of our website to see the full range of serves that we offer.