Housing Market Deadlines In 2021
20th January 2021 posted in Sellers Buyers
Deadlines are important in life, and it makes sense to familiarise yourself with crucial timelines.
If you are looking to make a move in the 2021 housing market, there are a number of deadlines to consider. At Hunters West Hampstead, we are here to help you, no matter the move you are keen to make.
We know some deadlines are flexible right now, and some are set in stone. Throughout the year, we will be more than happy to keep you informed of major changes. This will help you to make an informed decision as to what comes next for you in the property market.
Big changes are set for spring
Nicky Stevenson is a noted name in the UK housing market, and she has outlined some of the key deadlines. She said; “Looking at the year ahead, 2021 will be host to a lot of housing market changes and deadlines. The stamp duty holiday is set to finish at the end of March 2021, the same deadline for Help to Buy changes. A 2% surcharge for overseas purchasers will be introduced from 1st April and potential changes to Capital Gains Tax are set to be introduced. These changes will no doubt impact transaction volumes and house prices.”
While the stamp duty holiday is scheduled to end on March 31st, there are growing calls for this to be extended. If a change occurs, we will let you know. Even if there is an extension, this is set to be a busy time in the housing market.
Do you need help to buy a property?
Not much has been said about the Help To Buy changes which occur on the same date. In recent years, the Help To Buy scheme has assisted many first-time buyers step onto the property ladder. There will still be opportunities for new home-buyers to benefit from help, and if you need guidance on this, please get in touch.
April begins with changes which impact overseas buyers. You might not think this affects you, but it might notably reduce the number of buyers in and around London. If you were planning on selling your home this year, it might become a trickier task if the number of prospective buyers falls.
Nicky also spoke about what is likely to happen in the housing market this year. Nicky Stevenson followed up by saying; “House price forecasts for 2021 range from mildly positive to greatly negative, reflecting uncertainties facing the economy and the housing market. The Dataloft consensus house price forecast, based on the average from five leading commentators, expects 0.9% growth in 2021. The Office for Budget Responsibility (OBR) forecast 1,111,000 residential transactions to complete in the year to March 2021, rising to 1,279,000 in the year to March 2022s."
If you need any help or guidance regarding property matters, please get in touch. As your local housing market specialists, we will do what we can to ensure you make your next house move in style. Contact Hunters West Hampstead today for all your housing and letting needs.