What’s the outlook for home extensions as the stamp duty bonus ends?

We at Mint Builders have, of course, noted that the stamp duty deadline has ended, and  buyers who were able to rushed to meet the deadline and so, get the benefit of that bumper stamp- duty cash saving bonus.

Under this, now ended stamp duty ‘holiday’ scheme, you didn’t have to pay stamp duty on properties worth up to £500,000 in England and Northern Ireland.  Different thresholds applied in Wales and Scotland. With the stamp duty ‘holiday’ gone now, for many there just wasn’t time to complete a sale or purchase and beat the deadline.

benefit

There may be for some, still a bit of time to benefit from the tapered rates through the previous scheme – so a little consolation there perhaps.

momentum

We, here at Mint, are pondering whether the scale down and finish to this stamp duty ‘move home’ cash advantage, will indeed slow down the ‘pack up and move’ momentum itself and thus, perhaps, direct some homeowners towards an option of extending and renovating their current home for now …

added value

The idea would be by doing so to get the cash they spend –  and indeed a bit extra too, back in their pockets –  via home sale ‘added value’ when they do make their move a little later on into next year. Could that be an approach for some ….  it remains to be seen, but that does looks feasible perhaps!

small amount

We  are, for sure,  uncertain as to depth of the effect of the stamp duty bonus ‘end’.  It may surely slow home moving for the Autumn and Winter ahead. There might be just a small amount of a flurry of home improvement and extension projects ‘kicking off’ in its place going into the late Autumn and even the early Winter. 

normal

Such an effect, certainly in the longer term, surely depends perhaps on how ‘normal’ life becomes as we move on into the late Winter and next year ahead. 

uncertain

The key thing is, that in reality, it is surely uncertain indeed as to how the housing market performance, going on into the Winter, will indeed effect or even stimulate home extension and renovation project activities and requirement into 2022.

anticipated?

It is true no further stamp duty savings are anticipated after the 1st October, but of course the Government can always conjure some other cunning further changes …. so, all in all, it looks like a case – one supposes – of don’t try and guess it – just do what’s best for you for now and the nearer future ahead.

We at Mint Builders are, of course, here to help in Cheltenham and the Cotswolds with any planned home extension or renovation projects you are considering moving through into 2022.

Feel free to request our project planning and quotation visit to refurbish or extend your home for more ‘liveability’ and increased future sales value. Contact Mint Builders on 07734 211958 or email mintbuilders@hotmail.co.uk