Stamp Duty: Homebuyers face hefty bill if they don’t complete sales by March ...

THE STAMP DUTY holiday has encouraged many homebuyers to take the plunge this year and buy a property. However, it has now been revealed that a backlog of property sales may not be completed by the stamp duty holiday deadline in March which could leave homebuyers with an "unexpected" bill.

PUBLISHED: 16:06, Mon, Nov 30, 2020 | UPDATED: 16:06, Mon, Nov 30, 2020

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Research from GetAgent.co.uk has revealed that as many as 325,000 property sales made between September 2020 and January 2021 may not be completed by the stamp duty holiday deadline. This is due to a large quantity of sales which are now stuck in a backlog after the industry saw a surge in market activity. The stamp duty holiday began on July 8 2020 and is expected to end on March 31, 2021.

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Properties bought for below £500,000 are currently exempt from paying stamp duty.

Homes exceeding £500,000 are only taxed on the value exceeding the threshold.

For example, if you buy a home for £520,000, you will only be taxed on £20,000.

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The average house price in England is £261,795 while in Northern Ireland this drops to £143,205 (September 2020).

READ MORE: Property market: More people taking advantage of stamp duty holiday

Stamp DutyStamp Duty: Homebuyers face hefty bill if they don’t complete sales by March deadline (Image: GETTY)

stamp duty property saleStamp Duty: The stamp duty holiday began on July 8 2020 and is expected to end on March 31, 2021 (Image: GETTY)

The Government has estimated that almost nine out of 10 homebuyers will pay no stamp duty at all during the holiday.

The estate agent comparison site looked at the latest transaction data to see how the backlog will impact the markets in England and Northern Ireland.

The data shows that 315,534 property sales in England could be impacted which amounts to 97 percent of all transactions.

In Northern Ireland, 9,466 sales could be impacted.

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