With the Chancellor, Rishi Sunak, announcing a stamp duty holiday until 31st March 2021 on purchases up to £500,000 we are expecting an increase in demand for properties and an increase in transaction levels generally.
Since emerging from lockdown, we had seen a return to a strong and buoyant market in our area. This may not have been the same for other areas but in London and the South East we have continued in the same vein as before lockdown; a strong market achieving asking price for most properties.
With this reduction in stamp duty it is arguably a good time to invest and start or add to an existing property portfolio. A purchase at £400,000 previously, stamp duty would cost circa £24k. Now it will cost 12k. This is a big saving combined with some incredibly low interest rates that are currently out there mean you could create a better return on your investment.
Every buyer will benefit from this holiday saving thousands of pounds that can be used to enhance the property or put towards their deposit. Now is the time to benefit from this give away from the Government and get onto the property market or upgrade to the next step.
If you would like any advice regarding the next step to increase your portfolio or take that next step just call or email us and we are ready and waiting to assist you.