Many conveyancers will have collapsed into a dark corner on the 1st July or gone on holiday to collapse into a sun bed somewhere (wherever the current Covid-19 restrictions permitted them to go to).
We’re not out of the woods yet, though.
From 1st July to 30th September 2021 the price at which the nil rate SDLT band applies, drops from £500,000 to £250,000. First time buyer relief returns to the first £300,000, 5% from £300,000 to £500,000 and standard SDLT rates above £500,000.
In Wales there is no tapered relief and Land Transaction Tax returned to standard rates from the 1st July.
Whilst the potential savings will not be as great from here until the end of September, the market is still expected to remain strong in the summer. This may also be in part to the pandemic playing a part in lifestyle changes with more people working from home and therefore demand for properties with additional bedrooms has grown.
However, home buyers may not have benefited as much as first thought from the Stamp Duty savings available as the national average asking price of a home has increased by almost £16,000 since July last year, negating the savings in some cases.
Rightmove suggest that the market is likely to remain strong in the summer and beyond. Demand will continue to be driven by the historically low interest rates as the Bank of England confirmed earlier this month that the base rate would remain at 0.1%.
For further advice on this or any other Property issues then call the Property Law team at firstname.lastname@example.org or Tracey Allsopp on 0121 233 6912.