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The Chancellor of the Exchequer, Rishi Sunak, announced plans this afternoon to extend the Stamp Duty Holiday, which is excellent news for homeowners and investors looking to buy or sell their next property. We have already seen first-hand the positive impact of the Stamp Duty Holiday, which was devised to help the property market recover from the effects of the pandemic.
There has been a significant appetite for sales properties across Leeds as well as a surge in rental demand, as reported in our Leeds Market Update last September. The types of properties that people are looking for have changed as a direct result of the national lockdowns, leading tenants and homeowners alike to reassess their priorities for a home.
Mr Sunak’s announcement means that Stamp Duty is now exempt on properties up to £500k until June 30th and properties up to £250k until September 30th.
The average house price in Leeds is £220k, which means a huge number of people will be able to take advantage of this Stamp Duty Exemption over the next few months and we are expecting the market to be extremely buoyant this summer.
This presents a rare opportunity to make the most of heightened demand and save on moving costs, so it is the perfect time realise your dream of a new home, or make some key additions to your BTL property portfolio.
We’ve seen a massive rise in people looking for properties with outdoor space, extra rooms for home offices and those choosing to move to more suburban communities like Horsforth, Rawdon and Apperley Bridge.
If you have a property in Leeds, consider making the most of this opportunity. The combination of surging demand and Stamp Duty exemptions make it a very savvy time to sell.
– Rich Hare, Sales Manager, HOP
To get the ball rolling, reach out to our Sales Team on 0113 322 9533 for a chat about getting your property on the market and to arrange a free, no obligation valuation with our friendly property experts.
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