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Stamp duty relief. Sell/move now?(3 Posts)
We bought our first home five years ago and have been very happy here. However, we are starting to run out of space and are thinking about having kids in the next year or so and would definitely need to move to accommodate them.
Our plans were to sell up and move next summer when our mortgage fix was up. However, with the stamp duty relief announcement we are wondering whether to shift our plans forward. Is anyone else now planning to do the same?
My concern is it'll simply lead to house price increases (defeating the point of the relief) so it might not be worth it. But equally I don't want to unnecessarily pay stamp duty next year, or find there's no houses on the market because everyone got it done before March 2021.
What are you thoughts /plans?
From the Telegraph...
There are reports that Mr Sunak's holiday will become permanent, but until that is announced, there could be a surge of buyers before the end of the holiday – as there was before the three percentage point stamp duty surcharge came in – and then a steep drop off in sales.
We're planning on moving. Originally we were going to look next year or the year after but with the stamp duty holiday that has put slightly more expensive houses that were previously out of budget within our reach. I called an estate agent on Friday and he said there had been a lot of interest since the announcement so yes, I'm a bit concerned about price increases and extra competition but I think we'd regret not trying. It would be a move to the forever family house, I probably wouldn't be so sure about moving if it wasn't somewhere I was planning on staying long term because of economic uncertainty.