(Alliance News) – The “nil rate” stamp duty threshold has been halved, in what could be the start of more normal levels of activity returning to the market.
With the threshold having now fallen from GBP500,000 to GBP250,000 in England and Northern Ireland, buyers who missed Wednesday’s deadline could end up paying thousands of pounds more than they had budgeted for.
But if they drop out now, they could miss the chance to make any stamp duty savings at all.
The nil rate threshold will halve again from October 1 to GBP125,000 – its normal level.
According to Rightmove, sales are taking around four months to go through on average, so someone starting their property search again may miss the chance to make a stamp duty saving by buying a home before October.
Some buyers have agreed price cuts in order to keep the whole chain of sales moving.
The Law Society has said solicitors “have been working 24/7” to meet their clients’ wishes.
And removals firm AnyVan reported a 200% increase in demand for removals vans in June, compared with June 2020. On average, people…
