THE stamp duty holiday is ending and many homeowners are rushing to get their sales approved before the March 31 deadline.

Under this temporary rule, no stamp duty tax is paid on the first £500,000 of a property sale.

However, if you were planning to put an offer on a house now you might be out of luck and end up missing out on the stamp duty holiday- even though the deadline is still a month away.

According to Zoopla’s Head of Research, Gráinne Gilmore, it’s currently taking up to four months to process purchases.

Ms Gilmore said: “This is because of the legal and financial processes, as well as local council searches, which need to happen.”

Buyers who want to get ahead could get their paperwork prepared in advance- but Gráinne said it will still be a “tight turnaround”.

She added: “We estimate that only 50% of sales agreed in January will complete before 31st March, and that percentage will diminish the closer we get to the stamp duty deadline.”

However, Ms Gilmore insists that all hope is not lost for those hoping to nab a saving.

Even after the deadline, you only have to pay stamp duty on properties over £300,000 if you are a first-time buyer and £125,000 if you already own property.

She added: “During this lockdown, the number of homes being listed for sale is down, so those looking to purchase may benefit from being alerted when new homes hit the market, and engaging with their local agents to let them know they are in the market for a new home.”

Whether you are a first time buyer or if you already own properties, we have calculated exactly how much stamp duty you will have to pay on these five homes under £500,000 in Lancashire:

Gleneagles Drive, Old Langho, Blackburn
Cost of property: £425,000
Stamp duty for first time buyers: £6 250
Non-first time buyers looking to move: £11,250
Stamp duty for those who own property: £24,000

Lancashire Telegraph: Gleneagles Drive (Photo: Zoopla)Gleneagles Drive (Photo: Zoopla)

For many, this four bedroom property would be their dream home.

It is beautifully designed and even has an office, which is ideal for those working from home in the pandemic.

Unfortunately, it is a new addition to the Zoopla property market so will be unlikely to secure a buyer before the deadline.

You might have spent years saving for a house deposit- the last thing you want is an additional stamp duty payment on top of this.

According to the calculations from Trussel Mortgage Broker, you will have to pay £6250 in stamp duty after the deadline has passed.

Those who currently own a property will have to pay and additional £24,000- almost double what they would have to pay now (£12,750).

Rowen Park, Beardwood, Blackburn
Cost of property: £380,000

Stamp duty for first time buyers: £4000
Non-first time buyers looking to move: £9,000
Stamp duty for those who already own multiple properties: £20,400

Lancashire Telegraph: Rowen Park (Photo: Zoopla/Bridgefords)Rowen Park (Photo: Zoopla/Bridgefords)

Have you been on the market for a four bedroom home?

This one could be perfect.

It has recently been extended and is situated in a highly sought after area.

Inside, the house has been finished to a high standard and there is a “stunning” private garden to the rear.

If you want to put down a 20 per cent deposit on the house, you will need a combined total of £76,000.

After the stamp duty deadline, first time buyers will also have to fork out an additional £4000.

Kirkhill Avenue, Haslingden
Cost of property: £335,000
Stamp duty for first time buyers: £1,750
Non-first time buyers looking to move: £6,750
Stamp duty for those who own property: £16,800

Lancashire Telegraph: (Photo: Zoopla/Reeds Rains)(Photo: Zoopla/Reeds Rains)
This Haslingden home is described as a “superb family home” with four bedrooms and a large garden.

As well as a conservatory, the property also benefits from solar panels making it a particularly eco-friendly property.

First time buyers will only have to pay an extra £1750 after the stamp duty deadline- which is miniscule compared to the £16,800 additional charge for those who already own property.

Wackersall Road, Colne
Cost of property: £310,000
Stamp duty for first time buyers: £500
Non-first time buyers looking to move:  £5,500
Stamp duty for those who own property: £14,800

Lancashire Telegraph: (Photo: Zoopla, Yopa)(Photo: Zoopla, Yopa)

This is one of the most affordable properties on the list.

Ideal for large families, it benefits from five or six spacious bedrooms.

If the property wasn’t big enough already, it has recently been converted into an entirely new space.

Luckily for first time buyers, they will only have to pay an additional £500 on top of their deposit.
However, those moving will have to cough up an extra £5, 500 and those who already own property will have to pay an extra £14,800.

Tockholes Road, Darwen
Cost of property: £500,000

Stamp duty for first time buyers: £10,000
Non-first time buyers looking to move: £15,000
Stamp duty for those who own property: £30,000.

Lancashire Telegraph: (Photo: Zoopla/Proctors Estate Agents)(Photo: Zoopla/Proctors Estate Agents)

Looking for an upmarket home in Lancashire?

This property is described as an “excellent” family size house with beautiful views of Tockholes village.

It has five bedrooms in total as well as its own conservatory.

Sadly, when it comes to saving stamp duty costs, you might have missed the boat on this property.

On top of their deposit, first time buyers will have to cough up an additional £10,000; those moving will need to pay an extra £15,000.

Did you buy a house in the pandemic? Tell us about your experience in the comments.