Stamp duty extension: would you try to beat the deadline or wait to move until next year?

[Pepperkins]

We are planning a move by early next year. Now that the stamp duty has been extended, we are trying to decide whether we try and chance it to beat the deadline or wait until next year. WWYD? We need to sell and buy within London.

I'd wait as it's clearly a prop & I think the saving is just incorporated into the price anyway.

I would be very surprised if you were able to take advantage of the stamp duty holiday. I put in an offer on December 5th and I'm only just completing on 26th March - first time buyer with no chain. Even outside of the stamp duty holiday it normally takes 12 or so weeks from offer to completion. I really don't think you'd beat the deadline especially if you have to both find a buyer for your home and a new home to move into, sorry. I'd be going into it fully expecting to budget for stamp duty.

I'd be amazed if you could get a sale through in time. Fairly straightforward chain, offer accepted 1st September and we finally complete next week

I'm in exactly the same predicament!
But if your going to sell anyway then what's the harm listing it?
You may win out with stamp duty or not but you definitely won't next year, that's my thoughts at the moment!

I would try. It is doable if the extension is the end of June. Hopefully as we are coming out of lockdown and restrictions lifted it should flow quicker.

Depends on how quickly searches can be done in your area, how complicated the chain is.

If you can find a vacant chain free property and your buyers are FTB or better still, don’t need a mortgage, and make an offer before the end of March... and if you can easily get the mortgage you need (if you do) you might make it.
IF Sunak goes for a simple extension.

But the stress will be immense. And you could potentially end up paying inflated ‘holiday’ price for your new place but miss the deadline anyway._

I would ho for it and if it doesnt work take it down and try next year.

Mortgage rates are so low now and if they increase that will cost more than stamp duty anyway. Take advantage of the good rates

It's not official yet! And it is arguable that the market will soften in the next year (I think it will be flat or rise slightly). But I think if you are in a hot area and don't mind possibly having to move this year yet still miss out on any extension then go for it, but if you are really just focused on saving £15k to the point that it may force you to compromise your plans and choices, then wait.
I was planning on moving this summer for the past couple years, stamp duty thing or not. I have just had an offer accepted, but seller accepted it on the basis she would be able to get the break on her purchase so we are now under pressure. I'm not getting a mortgage and neither is my buyer which helps, and we don't need to get all the searches either if it comes to that. Of course £15k would go some way to help with renovations but I'd still buy without it.

I'd wait. The economy is sitting on toothpicks right now with brexit and corona virus.

Lets see how employment and prospects fair next year...I wouldnt hold my breath...

And now with wfh become more normal, prices in London will hopefully become more reasonable, as people realise theres no need to live, travel and work i london every day.

But I could be wrong...