Regular monthly Blackmore Vale property commentary column in the Blackmore Vale from Susie and Brad the North Dorset Team at Meyers
Goodness me what a month this has been with everyone rushing to complete on their house purchases before the end of the Stamp Duty holiday deadline of 30th June. This months ‘Voice of an Agent’ is a big ‘shout-out’ to all the solicitors, lenders, brokers, estate agents, removal companies and clients themselves, who have pulled together really hard to make sure dreams are not shattered by missing out on this once in a lifetime opportunity. Communication and teamwork has been exemplary over these crucial few weeks and we at Meyers are very grateful for all the hard work that has been going on between all the ancillary services associated with the house buying and selling process.
But what happens now? There are STILL savings to be made on Stamp Duty with the basic level being increased from 1st July through to the end of September to allow purchasers to receive a nill Stamp Duty on the first £250,000 of their next home purchase. Will this help the market to settle a little bit? We certainly hope so; allowing more families to find their perfect new beginning is what Estate Agency is all about and with housing stock numbers struggling to meet demand, it will be a welcome relief to see more houses becoming available for purchase.
What can shift this change for the better? In our view, it is a return to the old ways now (please) of allowing prospective home movers to view houses when they themselves are not currently on the market. CV-19 restrictions made this impossible with all buyers being required to be ‘proceedable’ and this contributed massively to the ‘chicken and egg’ scenario with those who had sold their own homes, racing to secure their next one. This in turn, fuelled houses to sell in excess of their asking prices and in so doing, largely precluded the chances of those who have a mortgage and favoured the pure ‘cash buyer’.
Details of the new Stamp Duty levels are below for you and as ever, we at Meyers will be delighted to answer any questions you may have on how we can help you with your next home move.
From 1st July 2021 to 30th September 2021 inclusive
£0-£250,000 = 0%
£250,000-£925,000 = 5%
£925,000-£1,500,000 = 10%
£1,500,000 and above = 12%
From 1st October 2021 the Stamp Duty Rates will return to normal so will be:
£0-£125,000 = 0%
£125,000-£250,000 = 2%
£250,000-£925,000 = 5%
£925,000-£1,500,000 = 10%
£1,500,000 and above = 12%
For First Time Buyers, you still won’t pay Stamp Duty on the first purchase up to the value of £300,000 so are exempt of Stamp Duty for the first £300,000 of any purchase.
