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SELL YOUR HOME QUICKLYUK property buyers should not bargain on the rumoured ‘stamp duty holidays’
The rumours of a possible stamp duty holiday are making prospective home buyers less willing to commit to a property purchase that ever before. This is because a stamp duty holiday would mean paying less money for the property they buy.
The Chief Economist at Nationwide, Fionnuala Earley, is warning UK property buyers about relying on the rumoured stamp duty holidays.
According to Propertywire.com, Earley said that the stamp duty holiday in 1992 did not have a significant impact upon property buyers. “Things fell back down to the previous low levels and I’m not sure that it will do much in the market at the moment. I think what it would do is only attract those marginal buyers who are perhaps on the edge of buying anyway”.
Furthermore, Earley commented on the savings that property buyers would enjoy if the stamp duty holiday became a reality. “The amount of money that somebody would save, even as a first time buyer, isn’t a great deal of money to give them the extra money to go towards a deposit in the current market. So I think it will have limited impact. I think if you want to enter the market you want to do so prudently, then perhaps you should be saving up in advance rather than deferring it until afterwards”.
Even though UK property buyers are waiting to hear if the government is going to give stamp duty holidays, sellers do not have to worry about the implications of the buyers taking a backseat and whether or not they will be able to sell their houses.