In July 2020, Chancellor Rishi Sunak announced changes to stamp duty. This temporary holiday is set to end in March 2021, and so you should take advantage now if you wish to avoid missing out.
The stamp duty changes meant that no stamp duty would be paid on properties of up to £500,000. These rates are set out in the table below.
Property or lease premium or transfer value
Up to £500,000
The next £425,000 (the portion from £500,001 to £925,000)
The next £575,000 (the portion from £925,001 to £1.5 million)
The remaining amount (the portion above £1.5 million)
This stamp duty holiday for properties up to £500,000 is only temporary, with the rates set to change again on 31st March 2021.
Buyers of properties under £500,000 make a considerable saving by no longer having to pay stamp duty. This, in term, has helped sellers by creating an increase in demand and improving the value of their properties.
Dataloft and The Guild of Property Professionals shows that house prices have increased by 3.4% nationally, with growth in London and the South of England. Mortgage approvals in August were up 29% year-on-year. Nationwide reports that August 2020 saw the highest monthly price rise in 16 years.
It is only a matter of months before stamp duty rates change again. The Guild of Property Professionals is urging the property sector to lobby MPs for an extension to the stamp duty holiday to avoid penalising any consumers whose sales are unlikely to compete in time. However, it looks likely that the current deadline of 31st March 2021 will remain in place.
If you are looking to take advantage of the current rates, you should act quickly to ensure your sale is complete before the March 2021 changes.
There are a lot of things you'll want to consider when selling your home, and we have a guide available here that covers many of the main points.
ShineRocks was established in 1995. Unlike others, we are an independent estate agent with a firm understanding of property values throughout Purley, The Webb Estate, The Woodcote Estate, Sanderstead, South Croydon, Croydon, The Whitgift Estate, Shirley Hills, Coulsdon and Old Coulsdon, Chipstead, South Wallington and Wallington, Kenley, Warlingham, Woldingham, Whyteleafe, Kingswood, Carshalton, Caterham, Sutton and Belmont, Cheam, and Banstead.
If you are looking to take advantage of the stamp duty holiday, you must act quickly to meet the deadline. This means appointing a reputable agent, who will list your property at a reasonable price and attract suitable buyers. Some agents provide an inaccurate ‘rule of thumb’ figure to your property valuation, whilst others may try to lure you in with a figure far in excess of what your property will sell for. Unlike these, our long local experience means we are able to provide an accurate valuation that will allow you to sell your home in time. We won’t rush you, but we will provide you with the facts so you can make an informed decision about your sale.
Contact us today to find out the real value of your property, and so you can take advantage of the current rates before the March 2021 deadline.
Use the form to send us your questions and we'll respond as quickly as possible.
Learn more about the areas we cover by reading these helpful location guides.
Dear Paul and the ShineRocks team, Thank you! We are delighted that we successfully completed on the sale of The Garth, 12 Welcomes Road on Friday, and we wanted to take this opportunity to thank you, Claire and the team for all your excellent work on our behalf. We really appreciated your proactivity, frankness, responsiveness and good...
Mr & Mrs F
Very professional, responsive and delivered on promises to the tee
Worked hard to find possible buyers. Very professional and friendly staff. Drove the completion by liaising with all parties when things threatened to go pear-shaped. Very satisfied customer
Having tried a couple estate agents to sell our house, with no result, we tried ShineRocks. Paul Shinerock was realistic in his valuation, which others had not been and we had a number of viewings. A Christmas present was accepting a very good offer. Unfortunately, the buyer dragged his heels and then at the point of exchange decided to...
A great service offered by both Paul and Claire. Sometimes the best thing an agent can do is to convince you to accept an offer and to encourage you to pay more to get the house of your dreams. Had Paul not convinced me to accept the offer on mine I would not have moved. Claire moved heaven and earth to enable me to purchase a property through...
Mr & Mrs W
Very helpful, pleasure to work with, and they offer a great service
My house purchase was very complicated, ShineRocks handled it very professionally
Claire was our estate agent and she was incredibly professional, always available and kept us completely up to date. A pleasure to buy and sell with
Exceptionally professional and helpful and very knowledgeable. Would highly recommend ShineRocks
Excellent service over a period of several months. Always at hand to offer advice and their expertise. Highly Recommend Shinerocks and thank you for all your help
I was very pleased with the service - professional yet caring
Very professional and excellent service in a complicated situation which resulted in a positive result. We have purchased 2 homes from Paul in the last 14 years. Claire is remarkable and kept us fully up to speed
Very friendly. After a slow start we got on very well and achieved our objective. Particular thanks to Claire
Hi Caire, Can you say a massive 'thank you' to Paul for coming to see me. He really gave me some things to think about that had just not crossed my mind. Swapping the bathroom and middle bedroom and adding a bathroom to the main bed room made so much sense, I've got Alan coming over on Saturday to cost it up! I'll definitely...
We have recently purchased a property through shinerocks and can honestly say the service we received from Claire was exceptional. She kept us updated regularly and liaised tirelessly between solicitors, vendors and the other agents in what became a difficult and frustrating chain. She was both professional and personable, and we always felt...
M & C
Claire, You're an absolute star! Thank you so much.
Mr and Mrs W
I would just like to take this opportunity to thank you for your assistance and facilitation of the purchase of our property, and I would relish the opportunity to work with you again in future endeavours.
Just want to say a big thank you for all your help and support. I know you were not our estate agent but we really felt supported and coached through the whole process and I can't thank you enough.
M, J &A
Paul, Claire and all the team at ShineRocks have always acted with the utmost professionalism and in my experience have been the best estate agency I have ever encountered.
Dear Claire, Thank you so much for making our dream home come true. Invitation to the house warming is guaranteed! Much Love
R & N
Hi the ShineRocks Team Would like to say thank you for a great service in completing on our house. We are totally blessed, we feel so lucky. Your team with friendly voices were very proactive in updating us. Paul you have a good team around and to say the least, you have some charm. You are a very nice bunch of people to...
We would like to also comment upon the superb level of professionalism shown by the staff at ShineRocks. Having been to other block bookings we must say that this one was handled to so well. Additionally the advice given regarding parking was most helpful. We will certainly keep an eye out for other properties marketed by you. Kindest...
Mr and Mrs H
Dear Paul How very happy I am to be the lucky chap that has been given the privilege to buy and live in the elegant property. Thank you again for the excellent service provided by ShineRocks. Yours sincerely
Thanks for all your attention - I am impressed with your service and will recommend you to friends. Kind regards
Dear Paul This is amazing! Thank you and your team very much. Whatever happens now, I know that you all did a fantastic job in achieving this - its unbelievable. Many thanks Kindest regards
Terrific news. Thank you Paul. With all thanks for your support and help during this process. All best wishes
Thank you so much for all your help with our house move. We appreciate the hard work you put in to finally get us to an exchange date. Your calm approach and sense of humour throughout really helped. Thanks again,
Mr and Mrs G
Thank you so much for all your work on selling our home. It is much appreciated. Best wishes
Mr and Mrs R
Thanks again for everything that you have done to get our new home. God bless you.
Mr and Mrs P
Dear Claire and the 'team' at ShineRocks for all of your help and patience with our purchase. Best wishes
K and L
Dear Mr Shinerock, thank you so very much for valued advice last Saturday; your remarks and suggestions have certainly got us thinking of the best way to turn! Best wishes
V and K
Dear Paul We are at last beginning to see some order in our new home and have time to catch breath. The move was challenging to say the least as we were downsizing dramatically and had too much to fit in prior to having an extension to create two more rooms and allow us to convert an existing one into a utility room. We would like to take...
G and S S
Good morning Claire, I have been meaning to e mail you since Monday just to say thank you! Mum and I are extremely grateful for all the time you have given us and we really do value your advice and guidance. We have been in contact with a lot of agents, in fact probably all of the main estate agents around the area and ShineRocks...
S and M
Dear Paul, Well, we got there in the end! Although it was long, complicated and at times, a very stressful journey, we appreciate the help of you and all your team in finally getting us over the finishing line. Best regards
Thank you for everything you've done. I couldn't have got through this without you. Putting up with every difficult situation in such a kind way. Thank you so much.