In one of the biggest changes to the property market for some time, Chancellor Rishi Sunak has introduced a stamp duty holiday which is now in place and runs up until 31^st March 2021. This £4bn stimulus to the property market has been launched with a single purpose – to stimulate the market and encourage potential buyers onto the property ladder. 

"The average stamp duty bill will fall by £4,500 and nearly nine out of 10 people buying a main home this year will pay no stamp duty at all," said Sunak in his summer statement. 

For first-time buyers and existing homeowners, stamp duty rates are now as follows; 

For those who are buying a second home, or increasing their portfolio, stamp duty rates are now as follows;

The stamp duty holiday has been analysed by the TaxPayers’ Alliance, which estimates that the change could encourage 216,000 home moves. 

John O’Connell, chief executive of the TaxPayers' Alliance, said: "Stamp duty is a terrible tax and this measure will help get Britain moving again, potentially unlocking hundreds of thousands of new moves. 

“The tax gums up the housing market and locks down homeowners, at a time when many more people are ready to move. We estimate this tax cut could have an impressive effect on the housing market this year." 

"The scale of these benefits show that the chancellor would be crazy to stop there. Raising the threshold further, or preferably just abolishing the tax completely, would build in huge benefits for homebuyers, productivity and the economy as a whole.”

Here are our top tips for first time renters…

Calculate Carefully

When it comes to renting a property, it is important to calculate your costings because if you underestimate your costs per month, then this will compound over each month that you are in the property. In your calculations, include the monthly cost of the property, council tax and utility bills (include items such as broadband internet, phone line, television license and television streaming services). As a rule of thumb, it is good practice to add 10% to your estimated costs so that you have a comfortable buffer, in case they are higher than anticipated.

Picking The Perfect Property

Whether you are moving out of the family home or you are transferring from a purchased home to a rental, one thing that mustn’t be underestimated is finding the ideal property. Do your research and look at a selection of properties in different areas – you may be surprised at how much more or less property is available based on the locations that you choose. Registering your interest with us will also help to ensure that we can let you know when properties which match your criteria reach the market – this is key as the lettings market is extremely fast-moving.

Due Diligence

When you move into your property, check that the smoke alarms and carbon monoxide detectors installed are working correctly. Before you sign your tenancy contract, you will be asked to prove you have the right to live in the UK, so ensure that you have your passport or documents ready to hand. Once this is completed, you should be given a copy of your property’s Gas Safety Certificate, Energy Performance Certificate, the Prescribed Information and if you are entering into a new tenancy from 1^st July this year then you should also be given an Electrical Safety Certificate.

Initial Inventory

The inventory is a detailed document outlining what is included in your rental property – this will of course be much more comprehensive if you are renting a furnished property over unfurnished – however is vitally important for both variants. Check that you are happy that the inventory document matches exactly with what is in the property and if there are any discrepancies be sure to make a note of this and notify your landlord or estate agent. Taking photographs and dating them before you have moved any furniture into the property is also a useful reference for when you move out of the property and could avoid any potential deposit disputes.