Act now to avoid VAT rise
Property sellers need to act swiftly in order to ensure they keep their selling costs as low as possible, says local estate agency haart.
The Government has announced that VAT will rise from 17.5 per cent to 20 per cent from January 4, 2011, and the increase will have a significant impact on sellers.
Manager Debbie Winsor said: “If people put their property on the market now, they will have every chance of avoiding the VAT increase in January.
“Once a sale has been agreed, it takes on average 13 weeks for it to be finalised, so our advice is, if they delay, they will be paying significantly more.”
The VAT increase will not only impact estate agency fees and conveyancing costs, but will also mean that surveys and land registry and search fees could be more expensive.
Debbie added: “The rise will mean that moving costs are likely to increase, so everything from hiring a removal van to redecorating or furnishing a new property will be more expensive.
“The property market is extremely buoyant at the moment.”
For more information, call the Rushden branch on 01933 418444, or visit haart.co.uk