In the Spring Budget 2021, it was announced that the current Stamp Duty Holiday is being extended to the 30th June 2021. This means that if you are buying a home up to the value of £500,000, you will not pay any stamp duty if the purchase is completed by 30th June 2021.
The nil rate (zero stamp duty) threshold has been set at £250,000 until the end of September, before returning to £125,000 on 1st October 2021.

What does this mean for the Isle of Wight’s local market?

Well, it certainly means that if you have been thinking about selling your property and want to take advantage of the extension, now is the time to put your property on the market. Rightmove suggest that the national average time for a seller to find a buyer is 65 days, and a further 126 days to go through the legal process to completion. However, here on the Isle of Wight, and especially at Hose Rhodes Dickson, things are moving much faster than that!

We have many qualified buyers who are ready to go – whether that is relocating to the Island, buying a first home, or sizing up or down, the local market is moving at a fast rate. So when our properties come to market, they are often snapped up before they even reach Rightmove and the other property sites. As a result, we have a very active applicant base, and can match your property with a prospective buyer.

So if you have been thinking about putting your property on the market, we would advise doing this in the next week or so in order to take full advantage. You can book a free, no obligation market appraisal of your home with any of our seven offices across the Isle of Wight.