Extension to stamp duty holiday will provide much-needed breathing room to Bath buyers
By James Dredge, Associate, Knight Frank Bath New Homes:
It is likely that the Chancellor of the Exchequer Rishi Sunak will extend the stamp duty holiday for three months until June 2021 in an attempt to keep the property market firing on all cylinders as the UK emerges from its third national lockdown. The move will be formerly announced at the Budget on 3rd March, and will bring it into line with the wider easing of restrictions.
Although more detail is yet to emerge about who will qualify and what form the extension will take, our view at Knight Frank is that this is a positive step forward – especially for those who are currently feeling the pressure of the conveyancing system. A build-up of deals ahead of the current deadline is starting to show in places – particularly with solicitors, mortgage surveyors and local authority searches. An extension is a very fair outcome in current circumstances, particularly as parts of the conveyancing system have become overwhelmed, which is having a knock on effect on completion rates.
Allowing the stamp duty holiday to run until the end of June will give everybody some much needed breathing room to ensure they can secure their dream house without having to pay the hefty SDLT.
An extension is a very fair outcome in current circumstances, particularly as parts of the conveyancing system have become overwhelmed, which is having a knock on effect on completion rates.
If you’re in a position to buy and would like to take advantage of the possible stamp duty holiday extension, but haven’t started looking at properties yet, Knight Frank can help. New build properties, which don’t rely on any onward chains, are a very good option. At Knight Frank, we have a number of unique homes available in Bath, such as the beautiful Holburne Park.
Located on the south eastern fringe of the city, Holburne Park offers a collection of four- and five-bedroom elegant Georgian-style properties – designed and built to a high specification with contemporary interiors. With prices starting from £950,000, these homes offer the elegance of a period property alongside all the benefits of a modern new build home.
If you are interested in hearing more about Holburne Park or any of our other New Build properties in Bath, call Knight Frank on 01225 325 999.