September 30th sees the final day for Stamp Duty Land Tax relief. This has meant a lot of late nights and anxious buyers, sellers, and solicitors up and down the country as the end of the second phase of tapering will see SDLT returning to the previous thresholds of £125,000 for residential properties, £150,000 for non-residential land and properties.
Why was the SDLT holiday introduced?
The SDLT relief was introduced on 8th July 2020 to encourage and boost the property market from the effects of the COVID-19 lockdown. It has produced record transaction volumes and house prices in recent months.
This is of significant interest to so many because throughout the last 12 months Today’s Conveyancer has reported on the impact on conveyancers. They have commented upon many heart-breaking stories of conveyancers being treated unprofessionally but have also seen the industry come together to support one another due to the professional and personal lives became so intertwined during lockdown and home-schooling.
With the market currently in overdrive, who knows what is in store over the coming months and how the market will change. Will house prices remain at current levels? Will the market slow down with so many having taken the plunge over the last few months?
At Bowling & Co we know that buying a property is one of the biggest financial decisions and commitments you will make. We are here to guide and support you throughout the purchase of your property and will take the time to explain the purchase process to you.
If you require assistance with your property purchase, then please feel free to contact our Senior Associate Solicitor Sophie Button: Telephone – 020 8221 8033, via email: firstname.lastname@example.org or visit her profile.
This is not legal advice; it is intended to provide information of general interest about current legal issues.