The Stamp Duty Holiday which was introduced in July 2020 by the Government, came to an end in England and Northern Ireland at the end of September.
This means that, from October 1, 2021, home buyers will have to pay stamp duty on all purchases above £125,000 equalling pre-pandemic levels.
There were some fears that a housing crash would be imminent as soon as the Stamp Duty Holiday came to an end but, thanks to a phased end to the scheme, these fears appear to be so far unfounded.
According to figures released by building society Nationwide, UK house prices rose 13.4% in the year to June – the fastest rate in 17 years – with the average house price increasing to £245,432 from £216,403 in June 2020.
The housing market fell slightly in July as many homebuyers rushed to complete their purchases before the first Stamp Duty Holiday deadline of June 30, but this still showed a year-on-year house price increase of 8%.
Belvoir estate agency, which has branches in Kettering and Corby, is urging homeowners to consider their next move on the property ladder despite the end to the Stamp Duty Holiday and the furlough scheme.
Bobby Singh Braich, Managing Director of Belvoir, said:
“We welcomed the news on the Stamp Duty Holiday extension earlier this year as it created a phased return to the pre-COVID stamp duty threshold rather than an abrupt end that could have seen the market fall off a cliff.
“This smoother transition has left the housing marketing in a much stabler position, with house prices still increasing. And, thanks to a property sales boom over the summer, properties are in short supply nationwide. With high property prices and high demand for property, now is actually a really good time to think about selling.”
With this in mind, Bobby and his team have recently run a Step Forward For September campaign, encouraging people who are considering moving up or down the property ladder to take their all-important first step forward instead of sitting and waiting to see what happens with the housing market.
“We understand there is a lot of apprehension and nervousness around any big life decisions at the moment as we move into winter and back into the wider world post-COVID, but as a new normal prevails, there has been increased confidence in the market and people are open to considering their next steps when it comes to property.
“Whether you are venturing into the property market for the first time or looking to downsize now that your children have flown the nest, we can help with understanding, support and expert knowledge. Autumn is the perfect time for change – you might even get into your new home before Christmas!”
To speak to a member of the Belvoir team and take your next step on the property ladder, call or email the branches using the following details:
Corby – 01536 261666 / firstname.lastname@example.org
Kettering – 01536 415415 / email@example.com