Stamp Duty Holiday

Automation

How automation can help smooth over the end of the stamp duty holiday

As the stamp duty holiday on concessionary bandings finally draws to a close on September 30 2021, many across the UK hoping to make use of the discount rush to finalise their home purchases. The surge in demand must be accompanied by automation of tasks and transactions, linked to a seamless communications system, to make the process smoother, more efficient and faster. The tax reduction has contributed to the bounce-back of the UK housing market, making purchasing a property more attainable, but as it ends transactions are expected to decrease in the short-term as some of the incentive to buy and sell is lost. The stamp duty holiday effect Since its inception in July 2020, hundreds of thousands of home movers living in the UK have benefited from the stamp duty holiday. Initially, it was capped at £500,000, then reduced to £250,000. September 30 2021 marks the final end of …

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Automation

Why the stamp duty rush highlights the need for automated processes

Automated processes could be the best solution to meeting increased demand in the housing industry. The Covid-19 pandemic, the stamp duty holiday, and the 95% mortgage scheme have contributed to the increased housing demand across the UK. The surge in activity continues to put pressure on those working within the property industry. Working quickly to meet deadlines and avoid delays with larger volumes of clients, paperwork to complete, and transactions to the process have made the landscape more challenging. On June 30 2021, the first term of the stamp duty holiday will end at a £500,000 house value threshold. After June 30 2021, the threshold will be reduced to £250,000 until September 30 2021. Automating transactions, sales progression and tenant maintenance reporting could allow more time to speak to prospects, network with landlords or carry out viewings. By automating these processes in a way that tailors directly to the agency, …

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