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Jul 2021

Politics

'Crazy' rush to buy homes in Harrogate as stamp duty holiday ends

Published: 1 Jul 2021, 17:15 BST

by Connor Creaghan

One estate agent tells the Stray Ferret yesterday was its busiest day of the last two years while a property expert says the tax break should never have been introduced.

Estate agents in Harrogate experienced a "crazy rush" to complete home purchases this week before the end of the stamp duty holiday.

One estate agent told the Stray Ferret yesterday was their busiest day in the last two years while a property expert said the government should have never imposed the holiday.

Completion day is always fraught for prospective home buyers and sellers. However, many will have been particularly nervous this week with £15,000 in stamp duty savings on the line.

From today, the tax free threshold falls from £500,000 to £250,000 and will drop again to the usual rate of £125,000 on October 1.

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Richard Smailes, a partner at Feather Smailes Scales, told the Stray Ferret:

"There was a mad rush to get everything completed by the end of play yesterday. We are still seeing plenty of interest and demand.

"Just because the deadline has gone it does not mean that the reasons for moving have gone away. People want more from their homes because they are spending more time there.

"FSS was very busy yesterday, we had an awful lot of completions on the books. We were geared up for it but it was our busiest day in the last couple of years."

Harrogate Borough Council has also experienced a surge in search requests in recent months.

The local authority has struggled to cope with the demand at times but the situation has improved and the average wait is currently three weeks.

Alex Goldstein, an independent property expert in Harrogate, told the Stray Ferret:

"I said from the outset that we did not need the stamp duty holiday. We already had a very strong market before the tax break came into play.

"So what we have seen over the last year is prices go up significantly in the area. It seems the stamp duty was just added as part of the price of the property.

"This is what happens when the government tries to intervene in the market, it just creates a bigger problem for people."

What has been your experience? Reach out to tell us your story by sending an email to contact@thestrayferret.co.uk.

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'Crazy' rush to buy homes in Harrogate as stamp duty holiday ends

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