Homebuyers who cannot complete their purchases by the end of the day on September 30 will lose up to £ 2,500 in stamp duty savings.
Buyers have just two weeks to take advantage of the tax break before the incentive is gone for good.
The stamp duty holiday, which was first announced in July 2020, has helped boost demand and push house prices to an all time high. But now that savings are dwindling, there are signs that the momentum is cooling.
The tax break, which initially raised the range of zero-rate stamp duties in England and Northern Ireland from £ 125,000 to £ 500,000, was originally scheduled to end on March 31, 2021. After warnings from an edge cliff and The telegraphAs part of the successful Stamp out the Duty campaign, Chancellor Rishi Sunak extended the tax break in full until June 30. This was followed by a three month reduction period, during which the zero rate bracket fell to £ 250,000.
After June 30, the maximum holiday tax savings increased from £ 15,000 to £ 2,500. This has pushed the greatest proportional vacation benefits to cheaper properties in the North.
It is now these markets that will feel the greatest effects as the breakout ends completely. But, unlike March, the markets are now stormed by an extreme shortage of supplies.