What does the stamp duty extension mean for the legal industry?
Mike said: “Although we have been in the midst of a pandemic, we have experienced exceptional demand for our services since the housing market re-opened in May 2020.
“This has no doubt been helped by the stamp duty holiday introduced in July last year, which removed the need to pay stamp duty on the majority of residential property purchases up to £500,000 for first-time buyers and home movers. This was raised from just £125,000 before the pandemic if you were not a first-time buyer.
“With savings of up to £15,000 in tax on offer, the impact of the stamp duty holiday was felt throughout the industry.”
Mike expects the demand for conveyancing services to continue at the same rate following the Chancellor’s announcement to extend the stamp duty holiday for properties up to £500,000 until 30 June. The holiday will then continue for properties up to £250,000 until 30 September 2021.
Mike said: “With an extension to this tax break, we are confident that the market will continue to remain buoyant.
“Although the pressure to complete transactions before the 31 March deadline will ease, the overall increase in activity is likely to continue as buyers who thought they had missed out on the stamp duty saving look to secure a purchase and benefit from the extension.”
To discuss this in more detail, contact Mike Ramsden at email@example.com or on 0113 399 3452.