12th
Oct 2021
The stamp duty ‘holiday’ ended October 1st and BTL investors and owners wanting second homes will have to pay more for the majority of properties.
During the ‘holiday’ landlords still had to pay an extra three per cent surcharge for additional properties, however an online real estate portal and property website says that from its analysis it believes that the ‘whole market’ levels of stamp duty means that 91 per cent of all homes being sold, will now be ‘rife’ for the pre-pandemic rates.
It says that just 9 per cent of properties for sale in England on its website have prices of £125,000 or less and are exempt from stamp duty, but for people purchasing additional homes will still have to pay the surcharge.
During the zero rate threshold when it was increased to half a million in July 2020 and then reduced to £250,000 this year in July, was all part of the government’s plans for the house sales market’s recovery.
The portal states that around 52 per cent of homes’ asking price is £300,000 or lower and could make stamp duty on some of these properties exempt for first time buyers.
With the introduction of the stamp duty holiday in July last year the average house price has risen by around £10,000 for Britain’s first time buyers.
The online portal has just updated its regional asking prices since July 2020 when the stamp ‘holiday’ started:
• South West, £353,213 (up 10.3%);
• East of England, £395,983 (up 9.1%);
• North West, £227,441 (up 9.2%);
• Yorkshire and the Humber, £219,116 (up 7.4%);
• East Midlands, £264,554 (up 10.9%);
• West Midlands, £260,706 (up 8.7%);
• South East, £453,551 (up 8.3%);
• North East, £165,628 (up 5.4%);
• London, £638,285 (down 0.6%).
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