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The stamp duty holiday, eh? It’s been the hottest property topic of recent times, and as the rumours ramped up regarding its possible extension, we were keen to see exactly what Chancellor Rishi Sunak had planned.
Luckily for movers panicking over the rapidly approaching March 31 deadline, the rumoured three-month extension became a reality in last week’s Budget, with the temporary £500,000 nil rate band now ending on June 30.
The misery of conveyancing delays and long-winded local searches will no longer be so critical for movers reassured that the possible £15,000 tax saving is now much more likely to be theirs.
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The Times reported that Chancellor Rishi Sunak will likely make an announcement during the Budget on March 3 extending the holiday until June.
And with the government having a proven history of pre-briefing the national press it looks all but a done deal.
However, Cooper, the boss of homebuying firm Yes Homebyers hasn’t minced his words.
He said: “You have to question the sanity of a government that deliberately chooses to intensify an already serious issue by repeating the exact cause of the issue in the first place.
“Those looking to purchase the most expensive asset in their life are arguably some of the least in need of financial support in the current climate.
The data shows that £171.7bn worth of residential property was sold last year.
Westminster noted the greatest monitory value of sold residential properties across England and Wales last year at £2.9bn in 2020.
Kensington and Chelsea followed with £2.7bn worth of property sold and Wandsworth with £2.5bn.
Cornwall is the most valuable market outside of the capital, with £2bn worth of properties sold in the area.
This was followed by Birmingham, which recorded £1.8bn in property sales throughout 2020.
Ben Taylor, chief executive of Keller Williams UK, said: “Despite the radical market turn around spurred by the reopening of the property sector and the introduction of a stamp duty holiday, COVID-19 has clearly had a lasting impact on the market in 2020.