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The Stamp duty holiday ends soon - But what might it mean for the Exeter, Exmouth & East Devon property market in 2021?

This exemption applies to all primary residential property purchases, so regardless of whether the purchaser is a first-time buyer or someone who has owned a property before. 

On purchases over the £500,000 threshold, buyers will pay a 5% SDLT on the portion from £500,001 to £925,000, 10% on the portion from £925,001 to £1.5 million and 12% on any portion over £1.5 million. 

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When it comes to purchasing a second home, the Government has introduced higher additional rates with a 3% higher rate on top of the new revised standards. “So, what this means is that people purchasing a holiday home up to the threshold value of £500,000 will pay 3% SDLT.  Those buying a second home over the threshold with pay 8% on the portion from £500,001 to £925,000, 13% on the portion from £925,001 to £1.5 million, and 15% on the remaining portion over £1.5 million,” 

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On new leasehold sales and transfers, the nil rate band which applies to the net present value of any rents payable for residential property is also increased to £500,000 until the end of March 2021. A SDLT of 1% will be charged on any net present value of any rent over the threshold. 

It is not just individuals that will benefit from the changes. “Companies purchasing residential property under the £500,000 threshold will also be exempt from the paying SDLT. In additional companies that buy residential property of any value that meet the relief criteria from the corporate 15% SDLT will also benefit from the change made.”

From 1 April 2021, the SDLT holiday will come to an end and the SDLT regulations will revert to what they were before these temporary changes were announced. “We will likely see a rush of activity before 31 March 2021, with those who have access to finance making the most of the opportunity the SDLT holiday provides,”  The local property market has proved remarkably resiliant and there is still a tremendous ongoing pent up demand for properties of all kinds and across all price ranges, particularly those adaptable properties where space to work from home can be created or already exists - homes with adaptability are especially of interest to buyers looking to move away from the larger cities and towns.

If youre thinking of selling in the new year and are keen to have a little more guidance on market conditions, call us on 01392 259395 or 01395 267777

Use the Stamp Duty Calculator on our property search to work out how much you will have to pay for the property you buy.