After a turbulent year with various periods of national and local lockdowns the Road Map put forward by the Government coupled with the upcoming budget will another welcome avenue back to normality.
The Property Industry has been one of the mainstays of the economy over the past year and after steadily increasing pressure, it appears Chancellor Rishi Sunak could announce an extension of the Stamp Duty Land Tax holiday (SDLT) beyond 31st March, potentially to June when all the current restrictions will hopefully be lifted.
In Shepherd’s Bush and Hammersmith the market has proved to be resilient over the past year. Property prices have remained steady through the pandemic and we predict will remain that way certainly to the end of this year. If you are considering making your next move there is no merit in putting this on hold as the market remains strong. In fact we have noted an increase in enquiries with Boris Johnson's announcement last Monday.
The stamp duty holiday has been of significant help to the market as a whole and especially to first time buyers as well as those who have been looking to move for a while. Prospective buyers have been able to take advantage of the holiday and staying at home has helped many to save a sizeable deposit. As a result many of our clients have been able to enjoy savings of up to £15,000 as a result of the SDLT holiday. This has helped the house market recover from a period of uncertainty created by the EU referendum and subsequent Brexit negotiations.
Chris Kerr welcomes the prospect of the holiday extension by adding "We hope common sense prevails and this extension is granted to help those who are in the process of moving or in a chain, a cliff edge ending is neither suitable nor practical for those looking to comply with a deadline. What follows after will hopefully be a short period of adjustment as many individuals return to work or continue working between office and home".
We all hope the Chancellor takes a sympathetic view to those still waiting to complete their property transaction, given the housing market plays a significant part on the economy recovering from the Covid 19 pandemic.
For more information how the Stamp duty holiday extension can help your sale or if you would like your property valued please contact our Sales Team on
0208 743 1166 or visit us and book a on line valuation via our website .