Napthan’s solicitors in the North West of England have reminded first time buyers looking to move home that the current stamp duty ‘holiday’ is due to end early next year.
At present for properties worth up to £125,000, there is no tax charged for anybody. For properties sold for between £125,000-£250,000, buyers will be charged 1 per cent of the sale price — unless they are first time homeowners.
However, this stamp duty holiday will change from March 25 next year, when first time buyers will also be charged one per cent of the value — eg in a home sold for £150,000, the tax would be £1,500.
Simon Ainsworth, head of residential property at Lancashire law firm Napthens, is warning buyers that the deadline is closer than they might think.
He said: “March might seem a fairly long time away, but bear in mind that buying a house is often not a quick process. By the time a property has been found, purchase agreed and the mortgage application process dealt with, the deadline could well be upon us.
“It is worth having this date in mind during the conveyancing process because for some buyers, moving before the March deadline could result in significant savings.”