Put homes up for sale by March 23 to save with stamp duty holiday, experts warn

Thousands of British families have been taking advantage of the stamp duty holiday to move house during lockdown.

The tax break can save you a lot of money on a move if you’re in the position to buy.

But, if you’re looking to sell and want to do so while you can still make the saving then you need to put your property on the market by March 23, experts warn.

Rightmove worked out that the average time for a seller to find a buyer for their house is 65 days.

It takes a further 126 days to get through the legal process to completion, reports Tyla.

With this in mind, March 23 is the last day to safely put your home up for sale to ensure buyers can "make use of the tapering end to the stamp duty holiday by the end of September."

The stamp duty holiday extension was announced in last week’s Budget.

The duty break has been extended until the end of June 2021 which mean those purchasing – and completing – on a property within this time won’t have to pay duty on the first £500,000.

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

Rightmove found that the number of people buying and selling properties jumped up in response to the stamp duty holiday.

The number of people contacting estate agents on the day of the Spring 2021 budget day was 82% above the same day last year.

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Rightmove's property data expert Tim Bannister, said: “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.

“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.

"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."

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