With the Stamp Duty Land Tax (SDLT) holiday having been extended from 31st March 2021 to 30th June 2021, working within the property market is very pressurised.
The property market has continued to grow dramatically, with the strongest rate of annual growth since June 2016. According to Halifax, the average price of a home in the UK topped £250,000 for the first time last October (2020), with prices up 7.4% compared with the preceding year (The Guardian) – but how has it continued to impact those working within the sector?
In these unusual times, property solicitors continue to see a significant increase in new enquiries and instructions, as buyers are rushing to take advantage of the SDLT holiday. This in turn puts strain on Lenders, Local Authorities, and other property businesses and increases turnaround times.
Many solicitors are turning away potential clients or new instructions, but we are pleased to confirm that Barrett & Co are continuing to take new instructions at this time. However, please be mindful of our Covid 19 and SDLT Holiday Notice below. If you would like an estimate with respect to your sale or purchase, please do not hesitate to contact our residential property team at [email protected] call on 0118 958 9711 and we would be delighted to assist you further.
COVID-19 and SDLT Holiday Notice
We appreciate that you may be eager to take advantage of the Stamp Duty Land Tax temporary reduced rates holiday, which is due to expire on the 30th June 2021.
However, due to the impact of COVID 19 on the property market and business in general, transactions are taking longer than normal to complete and consequently we may not be able to meet specific deadlines in relation to individual transactions, nor are we able to guarantee a specific timescale. We ask therefore that you plan appropriately to include the possibility that you may have to pay Stamp Duty Land Tax.
Whilst we cannot influence matters outside our control, rest assured all of the team at Barrett & Co will work with you and endeavour to achieve a successful outcome for your transaction as quickly as possible.
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