While many fortunate first-time buyers have enjoyed the fact they have saved thousands during the stamp duty holiday, there have been a back log of transactions stuck in the hour glass of progressions, surveys and searches. This has delayed completion dates and ultimately pushed people into the threshold of the stamp duty debt. Going forward, will this extra cost deter buyers or affect the overall price of the properties?
It doesn’t really affect the investors or those with more than one property as stamp duty is inevitable. So does this meant there will be more opportunity for investor to scoop more properties or will vendors simply take their houses off the market and lay low?
September is only two months away and £15,000 is a great deal to save. Heck, £3,000 can get you a new bathroom if your new property purchase needed it.
May’s housing transactions were a whopping 140% higher this year than the equivalent month in 2020 according to HMRC’s data which was published last week (June 2021). Paul Haywood-Schiefer a manager for the tax and advisory firm Blick Rothenberg surmised the year so far has been driven by the increase property and residential sales but also the increase in income tax and NIC receipts. Billions of aid pledged in the pandemic will need to be addressed, and the government will need to look at how to go about doing this during the next tax reform so as not to create yet another thing to worry about.
He goes on to say 1.3m residential property transactions took place between May 2020 and this year to date, which is 22.7% up on the same period last year. Evidently fueled by the SDLT holiday and the lack there of abroad travel and holidays have directed revenue spend towards home improvement. This has helped increase sales and drive more to invest in their homes.
The word on the street is the market will slow down, but there aren’t any signs of a collapse. Despite the pandemic, online retail and the property market have sustained growth.
Are these wise words of the gurus from the industry? Or those who thrive in the market trying to keep the light shining? Nevertheless, the property market remains vibrant and as long as we know there is a demand for property, there will always be buyers.