The year started positively and the sales market was comfortably busy. But, as you would expect, activity slowed to a trickle during April and most of May. While we were dealing with new enquiries and agreeing sales during lockdown, since we re-opened our office doors in May we have seen a significant increase in activity, demand and confidence.
The reduction in Stamp Duty has also boosted the housing market. It has certainly given everyone buying a big incentive.
For example, if you bought a property for £700,000 BEFORE July 8th this year the Stamp Duty you would have paid was £18,750.
If you bought that property NOW you would pay £10,000 – that is a saving of £8,750
The Stamp Duty holiday is until 31st March 2021. It doesn’t apply to anyone buying a second home.