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Buying a new home is always stressful, but trying to complete a purchase before the current stamp duty holiday comes to an end on 30 June is proving too taxing for many. Although 79% of homebuyers in the UK are striving to finalise their moves in time to benefit from the tax break, new research shows that 76% expect to miss the deadline and have to pay more duty.
Under the current scheme, buyers pay no tax on the first £500,000 of a property’s value but with just weeks to go before the current holiday ends, many buyers are feeling the pressure. That’s according to a new study by DocuSign, the digital agreement experts who enabled the first ever electronically signed deed on behalf of HM Land Registry last year.
Purchasers point to two main reasons they’ll not complete in time to qualify for the tax break. Holdups caused by the owners of the properties they’re trying to buy was cited by 24%, while a further 21% mentioned lockdown restrictions as the main source of their delays.
Aston spoke to Matthew Gibbons, UK regional VP at DocuSign.
Photo by Ethan Kent on Unsplash