With the UK property market picking up momentum since lockdown – and given a big boost with the government’s new stamp duty holiday – there are plenty of reasons why now is a great time to get on the property ladder or buy your next house.
In this hot list, SoGlos rounds up five reasons to take advantage of the stamp duty holiday – before it closes in March 2021.
Save up to £15,000 in stamp duty
From now until Wednesday 31 March 2021, house hunters could save thousands of pounds as anyone buying a property for less than £500,000 won’t have to pay any stamp duty.
Previously the threshold was £125,000, or £300,000 for first-time buyers, but the government has raised the threshold to £500,000, which could see buyers save up to £15,000 in tax.
Increase your property buying budget
According to Rightmove, the stamp duty holiday means the average buyer will save around £4,500, which is great news for buyers who want to stretch their budget a little further – and a bonus for sellers who are more likely to achieve their asking price.
Get moving faster
After waiting months for the property market to get back into action after lockdown, buyers and sellers are acting fast. With more people working from home too, lots of people are looking to escape big cities in search of more rural locations and a better work-life balance, meaning Gloucestershire properties could be in higher demand.
Take your pick of the best properties
With lockdown leading to a backlog of properties on the market, buyers are potentially spoilt for choice at the moment. Plus, house hunters considering new builds can snap up the best plots by reserving off plan – bagging enviable features like south-facing gardens and being able to choose the spec of their new home, before it’s built.
Save money on mortgage rates
With interest rates at record lows, buyers could save money on tracker mortgages as these normally follow the Bank of England’s base rate. And, as the property market gets moving again following lockdown, many banks and building societies are offering great mortgage deals to take advantage of.