Beat the Deadline

News at Trigghomes | 04/12/2020

Stamp Duty Holiday Deadline 31st March 2021
Why you shouldn’t allow the Covid pandemic to stop you selling...

With the Covid vaccine cavalry coming over the hill and hopes of a 'normal' 2021 (after what looks likely to be a very abnormal Christmas and New Year), much attention is once again focussing on how home movers can act to take advantage of the Chancellors Stamp Duty Holiday - which comes to an end on 31st March 2021.  To qualify for the stamp duty tax break, you must complete your transaction by 31st March.  That's looking tight for home owners who need to sell but haven't yet put their house on the market or found a buyer.

The answer maybe selling by Auction.  It's the only way to GUARANTEE a sale by the deadline.

Our next Auction is in February, and if you want to put your property into the auction room please come and talk to us now.

The lockdown and the new Tiers 1, 2 and 3 rules are constantly changing, so for homeowners on the move, these have been tense times.  But the market is very strong here on the Island in Tier 1 and here is the list of five key reasons to move now:

1. Buying and selling property is not restricted during lockdown

Property selling and buying is still allowed under all three tiers and estate agents, surveyors, lenders and solicitors are all open to the public.

This means that the buying and selling of properties is not restricted and with COVID-safe measures in place, property viewings are still going ahead, so you can carry on your search.

2. The housing market is hot

Since the end of the first lockdown over the summer, the housing market has been red hot - with homes selling quickly, sometimes even before property brochures have been prepared.

Local authorities and the HM Land Registry are also speeding up their activity and clearing backlogs from recent months, which is preventing delays.

3. Stamp duty holiday until March

The stamp duty holiday remains in place until March 2021, for homes up to £500,000. This represents a big saving of up to £15k for buyers - including investors, second home buyers and those trading up.  It makes now a great time to move.

4. Christmas is a busy time for buyers

The Christmas and New Year period is one of the busiest times of the year on Rightmove - and this year will be no exception, as home movers undoubtedly want to see the back of 2020 and look forward.  We have all spent far too much time indoors this year and there are plenty of would-be movers who have decided they need a bigger house - and the Island has an amazing national profile right now as a safe and attractive place to live.  Getting your house on the market now, to get it seen by keen buyers during the festive period could help you to get the best price and get your move going.  There isn't much stock on the market for keen buyers - don't miss out!

5. It is a great time to invest

The government has shown that it is keen to support the housing market as much as possible during COVID-19 restrictions and is actively encouraging lenders to offer favourable terms.  These include some incredible buy-to-let deals to help property investors secure their purchases.  With interest rates at 0.1% on savings accounts, what better time to look at a rental yield of around 5% on the Island with the added prospect of longer term capital growth?

To have a confidential chat with one of our expert valuers and to see if sale by Auction is the right option for you, please give us a call on 01983 525710.