The misunderstanding that could cost homebuyers thousands in SDLT…
While the government’s stamp duty holiday scheme runs until next March, you actually only have a matter of months to find your dream home. Start your search now and see how much you could save.
Rishi Sunak, Chancellor of the Exchequer, announced the government’s new plan to completely wipe Stamp Duty Land Tax for buyers with homes up to £500,000 and offer significant savings to others.
What many people don’t know is that while this scheme will run until the end of March next year, you only receive the saving if you complete on your new home in this time. This means realistically, you need to have chosen and secured your dream home by Christmas in order to take advantage of these savings.
What does this mean for you?
Firstly, now could be the perfect time to move. The number of ‘SSTCs’ (sold subject to contract) are hitting their highest rate since pre-lockdown and fewer homes than ever are being withdrawn from the market, meaning there’s plenty of options out there to buy, and the revived property market will also work to have your current home sold quickly. You’ll have the extra boost of the Autumn market, plus the comfort in knowing you have time to make your SDLT savings.
If you need some inspiration on the dream house that could be out there waiting for you, or you’d like to have a better idea of how the Stamp Duty savings work, we’ve put together a range of properties we have available, and detailed exactly what savings will end up back in your pocket for each*:
*Savings are based on the purchasers not being first time buyers, and not purchasing the home as a second property or buy to let. If you would like to know the amount you could save in these situations, please ask and we’ll be happy to let you know.
4 bedrooms
Price: £1,250,000
Stamp duty saving: £15,000
A wonderful fully extended and modernized to the highest standard luxury family home. This property offers an open plan feel with a contemporary extended kitchen/breakfast room with bi-fold doors leading onto the rear garden, a large reception room, utility room and office/gym/bedroom five to the ground floor, with the first and second floor offering four bedrooms, three en-suite, plus a family bathroom. Greenheys Drive is perfectly situated on the prestigious Firs Estate.
4 bedrooms
Price: £880,000
Stamp duty saving: £15,000
Superb four bedroom fully detached family home situated close to George Lanes shops, restaurants and South Woodford Central Line station. Decorated and maintained to a good standard this home boasts two bright reception rooms, custom fitted kitchen, attractive extension with lantern, en-suite to master bedroom, a beautiful rear garden with summerhouse and a garage. Very few detached period homes come to the market so this is one not to be missed.
4 bedrooms
Price: £660,000
Stamp Duty: £15,000
This large bright and spacious four bedroom family home is decorated and maintained to a high standard. There are many benefits that come with this property some of which include a large master bedroom suite with en suite shower, two additional double bedrooms plus a good size single bedroom. Sharps fitted furniture, a family bathroom, west facing garden, off street parking plus ample additional storage further complement this family home.
3 bedrooms
Price: £495,000
Stamp duty saving: £9,750
This three bedroom first floor maisonette is perfectly situated close to George Lane shops, restaurants and South Woodford Central Line offering an easy commute into Canary Wharf, the City and West End. The property is decorated and maintained to a high standard and benefits from an abundance of natural light, has a superb south facing decked terrace, a private front and rear garden with a home office/gym, plus a garage and off street parking.
2 bedrooms
Price: £390,000
Stamp duty saving: £4,500
This attractive two double bedroom, two bath/shower room converted flat is situated on popular Church End within walking distance of Epping Forest and close to George Lane shops, restaurants, café bars and South Woodford Central Line station offering a direct commute into the City and West End.
Do you want to take the first step towards buying your dream home?
We have a tool available to help homeowners assess their home’s value potential (click HERE) and we’re always available to chat and talk through any questions you may have – whether that be about how to correctly market your home, getting it ready for sale, or how the new stamp duty holiday works – just get in touch.