This article was extracted from Rightmove for informational purposes

The government has announced that the temporary stamp duty holiday in England and Northern Ireland has been extended until the end of June.

The news will hopefully come as a relief to those buyers and sellers who have been desperately trying to get their sale completed in time to meet the previous deadline of 31st March.

What is the temporary stamp duty holiday? 

The temporary stamp duty holiday, first announced by the government on 8th July last year, means that if you are buying a home up to the value of £500,000 you will not pay any stamp duty.

The extension means you now have until 30th June to complete on the purchase to make the stamp duty saving.

Then, to smooth the transition back to normal, the nil rate band will be £250,000, double its standard level, until the end of September.

It will return to the usual threshold of £125,000 on 1st October.

There hasn’t been any further update from Scotland on any extension to the Land & Buildings Transaction Tax (LBTT) holiday, which is currently due to end on 31st March 2021.

In Wales, temporary Land Transaction Tax reductions are also set to end on 31st March, but we’ll let you know if this changes.

Are there delays in the home-moving process right now? 

When the announcement was first made in July we recorded our busiest ever day on Rightmove, as people rushed to see if they could move home and make use of the savings, leading to a huge increase in the usual number of sales that would be going through the legal process.

We estimate that there are currently 628,000 sales going through, and this massive number, coupled with the challenges of conveyancers, solicitors and councils working from home, has led to delays in the home-buying process.

Our latest data shows that it is taking an average of 65 days from the time a seller has a property listed by an agent on Rightmove until they get an offer accepted, and a further 126 days to get through to legal completion, which is almost seven months.

But remember these are averages, and other factors such as if you are a cash buyer or if council searches in your area take longer will affected how long it takes.

What do the experts say?

Our resident property data expert Tim Bannister explained that the stamp duty holiday extension should give tens of thousands of home-movers the chance to complete before the new deadline.

He said: “This three-month extension will come as a huge relief for those people who have been going through the sales process since last year and were always expecting to make use of the stamp duty savings.

“Our recent data shows one in five sales that were agreed in the same month the stamp duty holiday was first announced in July last year still haven’t completed, so this additional time will make a big difference to help those stuck in the logjam complete their purchase in time before the new end of June deadline.

“Buyers who have recently agreed a sale now have a race on their hands to see if they can also make use of the stamp duty savings, but many with purchases over £250,000 will find that time is too tight to complete before the end of June and so shouldn’t be factoring this into their purchase.

“It’s worth remembering that the average savings vary massively around England, and first-time buyers will still be exempt if they’re buying for £300,000 or less. There are also many other reasons people are choosing to move, evidenced by the strong buyer demand Rightmove has already seen in the first two months of the year.”

The following information is extracted from Rightmove

A mortgage guarantee scheme aimed at helping first-time buyers and existing homeowners is set to be unveiled by the government in this week’s Spring Budget announcement. 

Chancellor Rishi Sunak is expected to reveal the specifics of the scheme on Wednesday (3rd March). In the meantime, we can share what we know so far.  

What do we know about the mortgage guarantee scheme? 

Under the new scheme, which is expected to launch in April, we anticipate that buyers will be able to purchase homes worth up to £600,000 with a deposit of just 5%. 

And this means that the majority of buyers should be eligible for the scheme, as our data analysts have found that 86% of properties currently listed for sale on our site have an asking price of £600,000 or less. 

However, please note that with an average asking price of £621,886, many properties across Greater London will be priced above the scheme’s proposed threshold of £600,000 (see below). 

What impact could the mortgage guarantee scheme have regionally? 

What are some of the key statistics? 

• The national average asking price for all properties is currently £318,580, which is 3.0% higher than February 2020  
• The national average asking price of a first-time buyer property is £200,692, which is 3.6% higher than February 2020
• Since the 2013 Help to Buy mortgage guarantee scheme was first launched, national asking prices have increased by 29% from £246,748 in October 2013 to £318,580 in February 2021 
• Since the 2013 Help to Buy mortgage guarantee scheme was first launched, national asking prices for first-time buyer properties have increased by 36% from £147,464 in October 2013 to £200,692 in February 2021

The announcement of a third national lockdown was difficult news for many to hear at the start of this new year, but hopefully the following information will put you at ease with what you can expect from us during this difficult time. We have always, and will always take the steps needed to ensure the safety of our staff and clients – it’s our number one priority. Within the new guidance, you can still move home and attend viewings, and our teams continue to work in a Covid-safe manner.    

Before the property viewing:  

• V&H Homes employees will check that everyone involved in the visit is feeling well, and if anyone has been experiencing Covid-19 symptoms in the last 14 days, the visit will be postponed

• It will be requested that a maximum of two people (from one household) plus a V&H Homes representative are present at viewings 

• V&H Homes will ask the occupant or owners to ensure the property is well ventilated and door are open prior to a visit

• V&H Homes will not be able to provide transport to or from the property

During the property viewing:

• V&H Homes representatives will maintain a 2m distance during the visit with everyone present 

• If the property is not large enough to maintain two metres distance, a ‘one in one out’ policy will apply

• Antibacterial gel will be used on arrival and during the visit 

• V&H Homes will provide disposable gloves and face covering for our staff and any customers visiting the property

• If there is a need to open doors or cupboards, the V&H Homes representative will do this. Customers will be asked not to touch any surfaces inside the property or any pets present 

If you are considering selling or letting your property in Ashtead, Leatherhead, Fetcham, Epsom, Bookham or the surrounding areas, call V&H Homes on 01372 221 678