Residential

The Stamp Duty Land Tax “holiday” had the impact the Treasury was hoping for in keeping the housing market active despite the challenges the country was facing throughout 2020 and into 2021.

This was backed up by consistent exemptions from lockdown restrictions to enable house moves to go ahead, including removal firms expressly being allowed to work and property viewings, surveys and valuations to continue. 

Lifestyle re-evaluations have had an impact on the type of properties which are doing well, with outside space and home working setup taking the edge over shorter commuting distances. Rapid adoption of technology has also seen video walk arounds now appearing alongside the usual photos online, and even full virtual reality viewings. This is likely to give buyers (both here and abroad) even more opportunity to pursue a property which suits their criteria. 

1 April 2021 saw the advent of a new 2% SDLT surcharge for purchasers of residential property who are not resident in the United Kingdom however widespread calls for an extension to the initial relaxation for UK based buyers were successful with a new deadline of 30 June 2021 and then a sloped taper off thereafter. Whether this will result in a cooling of the hot market remains to be seen.

Find out more about our Residential  and Real estate investment services.

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    Partner

    Amanda Tagg

    Partner

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