If you’ve been considering moving home, then now may be a good time!
The UK government have temporarily increased stamp duty thresholds in a bid to kickstart the property market following the Covid-19 pandemic. Homebuyers in England won’t need to pay stamp duty tax on the first £500,000 of the property value until 31st March 2021. Take a look at the temporary rates in the table below.
|Portion of Property Price||Stamp Duty Rate|
|£500,000 to £925,000||5%|
When purchasing a second home or a buy to let property, you’ll pay 3% extra on each band. (Source: Which?)
What is Stamp Duty?
Stamp Duty Tax is applied when buying a property in England or Northern Ireland. The tiered system means that homebuyers pay different rates on different portions of the property price. The rates will vary depending on whether you’re buying for the first time, you’re moving to a new main home, you’re purchasing a buy-to-let property, a second home or a holiday home.
Is now a good time to move home?
Despite current lockdown measures, the property market in England is still open with both online and in-person viewings taking place. Both homebuyers and sellers are able to move home, and the UK property market, on the whole, has been experiencing a rise since last July and the introduction of the temporary stamp duty tax cut. Some buyers could potentially save up to £15,000 in tax if they decide to buy before March 31st, making it a good time to move home for many.
However, as with all big decisions in life, you should also take in a range of other factors before deciding if now is a good time for you to move home. Once the stamp duty tax holiday has ended, some property market experts predict the markets activity and the price of property growth to slow down, although some still expect an increase in property value in 2021.
Move home the easy way with SureStore Self-Storage
If you’re looking to move home in 2021, then why not do it the easy way with SureStore self-storage. We provide innovative and conveniently located self-storage units and services across the North West and Midlands with locations in Bolton, Burton, Bury, Cannock, Lichfield, Northwich, Stafford and Wigan!
Discover our range of home storage solutions, and make your moving process as easy as possible. At SureStore, we offer clean and secure self-storage units, ranging in size from 10sqft to 200sqft, that are ideal for storing furniture and other household possessions when moving home. Whether you need to store a few boxes, or you’re caught in a buyer’s chain and need to keep the contents of your five-bedroom home property safe while you stay in temporary accommodation, SureStore has the right solution for you.
Hiring a removals team to assist you when moving home can prove expensive, especially when you require multiple journeys. However, using one of our secure units at a self-storage facility near you can help you to minimise the cost of moving, and keep all of your possessions in a safe place until you’ve found the right place in your new home. To make sure the house move goes safely, we offer a wide range of boxes and packaging supplies, including bubble wrap, fragile tape and transit blankets.
We’ve also teamed up with Hertz to offer a 24/7 van rental service from just £15 per hour! Make the moving process as easy as possible with our van hire service, simply download the app, book a van and pick it up from your closest SureStore facility.
So, if you’re planning to move home before March 31st 2021 and benefit from the stamp duty holiday, or you have plans to move in the future, contact your nearest SureStore location and benefit from a range of home storage solutions!
Customers can also book a self-storage unit online using our innovative booking tool. Simply select a location and unit size before clicking the ‘Get a Quote Now’ button. Book your self-storage unit today and receive a further 5% discount!