Landlords who buy from auction may want to take advantage of an estate agent’s decision to hold two of its virtual auctions before the March 31 stamp duty deadline.
“In light of the end of the stamp duty holiday and taking into account demand from both bidders and vendors, we’ve decided to hold two sales on February 9 and March 2. Moving our sale to early March means that buyers will be able to comfortably complete in the necessary timeframe as this can take up to 20 working days” explains Christopher Coleman-Smith, head of Savills Auctions
“Regardless of the level of the market that you’re buying at a saving of this size can be enormously helpful – there are lots of costs that come with buying a property and the saving can go towards them.
“At the end of 2020 our average sold price was £400,000 and in our upcoming February catalogue 85 per cent of our lots are under the £500,000 threshold.”
Coleman-Smith says that last year, Savills saw its highest-ever numbers of £1m-plus lots for a single year, with 10 lots similarly-priced in the agency’s February 9 catalogue.
“While we believe this is partially due to our method of live auctions, the stamp duty saving is a contributing factor which has seen demand increase for these.
"The auction room is one of the few places you’re guaranteed to get your property sale across the line in a timely manner, for those still looking to sell and beat the deadline.”
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