Stamp duty holiday extension boost for Mansfield house buyers
A lack of housing supply in the Mansfield area could be eased following a stamp duty holiday extension.
According to Mansfield independent estate agents Smith and Co, founded and run by Sara Smith, the holiday announced in Chancellor Rishi Sunak’s budget should kick-start low to mid-range housing market as homeowners could find it easier to obtain mortgages and upsize.
The holiday was first announced in July last year to help those financially affected by Covid-19 and provide a housing market boost and lasts until the end of June this year.
Previously stamp duty was paid on properties over £125,00, the halt means the holiday is for properties up to £500,000. When the holiday finishes in June, it will still only be payable for properties over £250,000.
According to Sara, it is ‘good news’ for Mansfield house buyers and the Nottinghamshire market as it will help to push the lower end priced houses.
Sara’s family run firm is on Crow Hill Drive and specialises in selling unique and premium homes, property management and investment.
Sara, who is also a busy mum of two, said: “I think it is a really positive step, there have been people putting their moving plans on hold. They seem to be waiting it out, seeing what the end of the third lockdown brings.
“There has been a bit of a lack of supply of properties in the Mansfield area, but plenty of eager buyers waiting.
“I am sure the holiday extension will give an additional boost – certainly for home owners. It could provide a lifeline for families in the Mansfield area and across Nottinghamshire, looking to move up the property ladder
“It will help buyers use their savings as greater deposits, instead of paying for the stamp duty tax.”
Sara added: The extension could also help ease pressure on solicitors pushing property sales through by the end of March and boost the number of homes available in Mansfield and across Nottinghamshire, it will help level out the supply and demand curve of premium homes.
“More Mansfield and Nottinghamshire families and homeowners selling to move into one more suitable properties will also directly affect the higher end of the housing market.”