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​Stamp Duty Holiday Extension: Put House Up For Sale Buy 23rd March​, Experts Warn

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​Stamp Duty Holiday Extension: Put House Up For Sale Buy 23rd March​, Experts Warn

If you're looking to sell your home any time soon, then listen up: experts have warned that you'll need to put your property on the market by the 23rd March so your buyers can benefit from the stamp duty holiday extension currently being offered by Rishi Sunak.

Yep, Rightmove have worked out that the average time for a seller to find a buyer is 65 days, with a further 126 days to go through the legal process to completion.

Therefore, the 23rd March is the last day to safely put your house on the market in order to ensure their buyers can "make use of the tapering end to the stamp duty holiday by the end of September."

It comes after the stamp duty holiday extension was announced in the budget last week.

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Selling now could help people take advantage of the stamp duty holiday extension (Credit: PA)
Selling now could help people take advantage of the stamp duty holiday extension (Credit: PA)

The holiday has been extended to the end of June this year, which means anyone purchasing - and completing on - a property within this time frame won't have to pay stamp duty on the first £500,000.

After that, the nil rate band will drop to £250,000 until the end of September, before returning to its normal level of £125,000 in October.

Rightmove discovered that the stamp duty holiday extension has really made a difference in the number of people flocking to buy and sell their properties.

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Rishi Sunak announced the stamp duty holiday during the budget (Credit: PA)
Rishi Sunak announced the stamp duty holiday during the budget (Credit: PA)

In fact, the number of people contacting estate agents and flooding to the markets on Spring 2021 budget day was 82% higher than on the same day in 2020.

"It's clear from our record-breaking traffic numbers that the Spring Budget has introduced buyers into the market who were not perhaps able to consider moving until now or who were waiting to hear what was going to happen to stamp duty," says Rightmove's property data expert Tim Bannister.

"The stamp duty holiday extension, coupled with the introduction of 5% deposits, has given many people the certainty they have been looking for to press ahead with their home-moving plans.

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Time to exchange housekeys (Credit: PA)
Time to exchange housekeys (Credit: PA)

"We expect this to help spring market activity and could encourage more sellers to come to market especially in the areas where property prices are lower.

"Many people who may have been delaying a move for a whole multitude of reasons now have the impetus and encouragement to take their next life step - whether it's getting a foot on the property ladder as a first-time buyer or trading up for more space and a bigger garden."

Featured Image Credit: PA

Topics: UK News, Home, Money, Property, Politics

Joanna Freedman
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