Missed the Stamp Duty Holiday? 4 Ways to Save When Moving Home

Stamp duty rates in England and Northern Ireland changed on 1^st July, with the tax holiday introduced in June 2020 phased out.

Since June 2020, properties that have met the criteria haven’t had to pay any stamp duty on the first £500,000 of their purchase price.

This meant considerable savings for many buyers, who otherwise would have had to fork out up to 5% of their property’s value.

However, as the stamp duty holiday has now ended, home buyers are now required to pay higher rates, which can bump up fees considerably depending on the value of the house.

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How is stamp duty changing?

From 1^st July, stamp duty will kick in above £250,000 at the following rates:

·         £0-£250,000 = 0%

·         £250,001-£925,000 = 5%

·         £925,001-£1,500,000 = 10%

·         £1,500,000+ = 12%

From 1 October 2021, rates are due to return to normal.

·         £0-£125,000 = 0%

·         £125,001-£250,000 = 2%

·         £250,001-£925,000 = 5%

·         £925,000-£1,500,000 = 10%

·         £1,500,000+ = 12%

Discover how much stamp duty would pay with an instant, online home valuation.

4 ways to save when moving home

Shop around for your mortgage

When looking for your next home, take it as an opportunity to find a new mortgage provider. Don’t simply continue with the same mortgage company you have been with previously, it pays to shop around as you may find better deals and interest rates elsewhere. 

We can put you in touch with our recommended mortgage brokers for a no-obligation chat, who have access to highly competitive rates nationwide, some of which are not offered on the high streets.

Be tactical with moving

There are certain times of the year when property sales drop and sellers may be willing to accept a lower price due to this. These lulls often occur during the school holidays and around Christmas.

So, consider looking for your next home around these times if you want to potentially save some money. Your discount could even end up being equivalent to the amount saved during the stamp duty holiday.

Cut the cost of moving

Moving house is the perfect time for a big sort out and de-clutter. This will mean there will be less items to move therefore cutting moving costs. If you want to save more money, be prepared to be flexible on your moving day as Fridays tend to be especially expensive. Consider whether a mid-week move is possible for you.

But if you truly want to cut the moving bill down then hire a van and do it yourself. This will lead to a considerable saving.

Review your current household outgoings

Moving house is the perfect time to review all those outgoings. You may have missed the stamp duty holiday, but you can still save money elsewhere and that includes your bills.

Look at everything you are paying for from TV streaming services and broadband to electric and gas. You may find there are some services which you don’t use and could be cancelled, or you may be able to find you can get the same services cheaper elsewhere.

Take your time and shop around to find the best prices. Some companies even offer vouchers or money for switching suppliers which could mean even more savings.

These are some of our top tips to save you money whilst moving house, especially if you have missed the stamp duty holiday.

However, remember, if you are a first-time buyer you don’t need to pay stamp duty for any property up to £300,000. If the property is valued above this, you will only need to pay stamp duty for the amount above the threshold which means you would still be paying a considerable amount less than an existing homeowner.

How Jones Robinson can help

As leading, local estate agents in Newbury, Didcot, Lambourn / Hungerford, Marlborough, Devizes and the surrounding areas we are best placed to help you buy and sell.

By offering a personalised service we can tailor the sale and timeline to your requirements as we don’t believe the “one size fits all” approach, works in this industry.

When it comes to buying, we will find you the best house price possible for your budget and help you to save money where you can, especially now the stamp duty holiday has ended meaning more fees are payable.

We are very transparent with a clear sales process, so you know what to expect. This is especially useful if this is your first time selling a house. If you are unsure of what will happen we are happy to sit down with you and go through each stage so you feel rest assured that you know exactly what will happen and at what point in the process.

Contact us today to find out how we can help you sell your property as well as finding your next home whilst saving you money.