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

Now Is The Time To Work Together

With the stamp duty holiday nearing an end, it has never been such an important time for every stakeholder of your business to work together. Whether it be buyers, sellers or conveyancers, the market is being pushed to its limit as more and more buyers rush to beat the deadline. According to Rightmove, approximately 700,000 homes are nearing completion significantly putting pressure on the resources of agents. From 1st July 2021, the threshold to which stamp duty begins is £250,000, from September 2021 stamp duty will be paid on any property bought over £125,000. First time buyers however will not pay any stamp duty on properties costing up to £300,000. The good news is, should a situation arise in the future, where you’re significantly being put under severe strain to get property purchases over the line, our Openview property software can help. Openview allows every stakeholder of your business to …

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