Estate agency Managing Director, Tim Sheridan provides a snapshot of the current post-lockdown property market, reveals a new buying trend and explains how the stamp duty holiday could save you up to £15K.

Following the hiatus of lockdown, it was unclear how the market might respond. Despite doom and gloom about the economy, I am pleased to report that the team at Sheridans is now operating at full force. Furthermore, there has been a spike in interest from prospective buyers keen to make a move.

A noteworthy flurry of post-lockdown activity has come from Londoners and other urban dwellers who are keen to buy rural property. In some cases, this is for a change of lifestyle. In other cases, it’s to achieve the long-awaited dream of having a second home. This is a perfect catalyst to drive forward the cogs of the property market!

A further boost also comes in the form of the Chancellor Rishi Sunak’s recent announcement of a temporary holiday on stamp duty. It applies to the first £500,000 of all property sales in England (and Northern Ireland), and could save buyers up to £15,000. It may also mean that the average stamp duty bill could drop by £4,500.

The stamp duty holiday, which came into force with immediate effect, began on 8 July and ends on 31 March 2021. In a nutshell, during this time anyone completing on a main residence costing up to £500K will pay no stamp duty. Properties above the £0.5m bracket will also only be taxed on their value over and above that amount. This provides an unprecedented opportunity for those hoping to make a move within the next nine months.

If you want to discuss any aspect of the points raised in this article, or if we can help with any aspect of your next move, do feel welcome to give us a call, or to drop into Sheridans’ (socially distanced) office.