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How The Stamp Duty Is Changing

How The Stamp Duty Is Changing

The stamp duty holiday was first introduced in July 2020 to help boost the lockdown hit property market. It’s due to end in its current form at the end of this month.

Until the holiday was introduced, it was only first-time buyers who could benefit from paying no stamp duty tax on the first £300,00 of the value of a property. The temporary tax break saw this nil rate extended for all buyers on the first £500,000 of the value of a property. The market responded enthusiastically to the news, but there were fears that the market would “fall off a cliff” when the tax holiday ended on March 31st.

When Rishi Sunak announced in the March budget the extension to the stamp duty holiday beyond its original March 31st deadline, the news was widely welcomed and celebrated. Buyers had an extra three months to take advantage of the relief, which could result in savings of up to £15,000.

Since March, sales and prices have been continuing to grow at record rates.  Demand is outstripping supply in almost all areas of the UK and the government’s own figures are showing an annual 10% rise in house prices.

To try to minimise the effects of a sudden dramatic end to the stamp duty relief , the duty is going to be tapered after June 30th. From 30th June until 30th September 2021, no stamp duty will be charged on a residential property bought for up to £250,000.

It is hoped that this gradual move back to higher stamp duty levels will avoid a sudden crash in the housing market, but many in the industry believe that the numbers of sales will fall off significantly and price growth will slow down.

If you’re thinking about making the move and taking advantage of the stamp duty holiday, click here to view our array of properties or call 0800 862 0870 to speak to a member of our team.

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Offers Over: How much should you need to offer?

Offers Over

You don’t know how much to bit for a property and ask yourself this question: “Offers Over: how much should I need to offer? This article will help you find the answer to this question. Read on.

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Are all houses listed on Rightmove?

Today question is “are all houses listed on Rightmove?” In 2019, most high-street estate agents list properties with, at least, one of the UK’s property websites: Rightmove, Prime Location, Zoopla and OnTheMarket.

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Top online estate agents UK

Top online estate agents UK

In this article, we will present and compare the 10+ top online estate agents in the UK! The property industry in our country has had a surge of new entrants over the last few years, with lots of estate agents operating online. Fees and contract terms vary from agency to agency.

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Property Value [ aka real estate appraisal ]

Property Value [ aka real estate appraisal ]

Property valuation, real estate appraisal or land valuation is the process of developing an expert opinion about the market value of a specific property (usually market value). Property transactions often require appraisals or valuations because every property is unique and its value depends on a lot of factors.

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How do property auctions work in UK? [ 2019 guide ]

How do property auctions work

Property auctions may seem like platforms for frantic bidding, but if you know what you are looking for, you could find an absolute bargain. As a seller, if your property is well-marketed in advance of the auction, you could receive far more than your guide price, let alone your reserve price.

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What happens when you inherit a property with a sibling?

What happens when you inherit a property with a sibling

When they inherit a property together, siblings have a responsibility to decide what to do with the house. Often a property may be left to multiple people. An example of this is to the deceased’s children and in a scenario where it is left to four siblings, they would each own 25% of the property. What happens next?

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