Home seekers urged not to leave it too late to make the most of the stamp duty holiday

Thursday, 29 October 2020 13:20

A property search firm is urging home seekers not to be slow in taking advantage of the stamp duty holiday as the housing market boom continues.

The government has temporarily increased the stamp duty threshold to £500,000 for property sales in England and Northern Ireland, until 31 March 2021, to help buyers who have taken a financial hit because of the coronavirus crisis and boost the property market.

X-Press Legal Services Wrexham, Cheshire West, and Chester provides property searches and reports which are at the heart of all property transaction processes related to local authority, property, and environmental issues.

The 26 office firm which has seen a surge in demand for property searches, fears that consumers may not fully realise the timescales involved to ensure that they are able to make savings on stamp duty.

Russell Welch from X-Press comments: “With the HM treasury estimating that nearly nine out of ten people who are getting on to or moving up the property ladder will make savings, we know that the holiday scheme is a beneficial initiative for both house buyers and sellers.

“The stamp duty holiday ends on 31^st March 2021, so we’re urging home seekers not to underestimate the time it can take to complete a property transaction. It is possible to complete the conveyancing process in as little as a month in some cases, however various things can delay the process, so completion times average around 12-16 weeks. The sooner you start the property transaction process, the better chance you have of not paying the 3% tax.”

X-Press provides around 400,000 search reports to conveyancing solicitors each year but has just seen its best September on record with a 35% increase in instructions compared to September 2019 as the housing market has reawakened with vigour post-lockdown.

Russell continues: “COVID-19 has forced most of us to spend much more time in our homes than ever before. Many have discovered that their houses are no longer the home they need, with changes in flexible working and social distancing leaving people wanting to upgrade their space. Also, people have had the time to research their next property, so we’re not surprised that there has been a recent surge in search reports.”

The firm extended its secure suite of digital services during the pandemic including new insurance and security features to keep most UK property transactions moving.

Pictured - Russell Welch from X-Press.

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Home seekers urged not to leave it too late to make the most of the stamp duty holiday

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