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Bishop's Stortford Stamp Duty Changes Impact

October 1st 2020
By: Intercounty
Bishop's Stortford Stamp Duty Changes Impact

At Intercounty, we offer local expertise in the housing market, but we also stay in touch with what is happening across the country. An example of this would be the stamp duty holiday announced in early July, as this will impact buyers and vendors across the country.

If you are keen to learn how the stamp duty changes impact on the Bishop’s Stortford housing market, Intercounty is here to assist you. If you have any questions regarding the current state of the housing market, please get in touch.

Stamp duty holiday is a temporary measure

On Wednesday 8th July, the Chancellor of the Exchequer, Rishi Sunak, announced an increase in the stamp duty threshold in the Summer Update. The critical points of the stamp duty changes are:

  • Stamp duty threshold is now £500,000

  • This increase in stamp duty threshold is set to run until 31st March 2021

  • The increase in stamp duty threshold takes place immediately

While the end of March 2021 seems a long time away, anyone looking to capitalise on the stamp duty holiday is advised to move sooner rather than later. Even with all parties seeking to conclude a property transaction as quickly as possible, delays can occur. There is also the threat of problems along the chain, impacting your ability to buy or sell.

Therefore, while you should take the time to review your options, if you are keen to move on, you should look to do so soon, and we are here to assist you.

Bishop Stortford house prices and stamp duty changes

According to Zoopla, checked at the end of July 2020, the average price paid for property in Bishop’s Stortford in the past 12 months is £454,986. This is currently below the stamp duty threshold, so there is no stamp duty due on a property at this price in Bishop’s Stortford, as long as the deal concludes before April 2021.

Before the stamp duty change, a home buyer would have faced a stamp duty bill of £12,749.30 when buying a property at this price. A first-time buyer would have faced a stamp duty bill of £7,749.30.

Therefore, all buyers can expect to make a considerable saving on the overall cost of buying a home while the temporary stamp duty measure is in place.

While this measure is positive news for buyers, it is also good news for vendors. If you plan on selling your home, it is helpful to know that there is a demand for homes in the market. One report suggested an additional 100,000 houses will be sold due to this measure.

If you are a homeowner in Bishop’s Stortford, and you are keen to sell your home in the current climate, please get in touch. At Intercounty, we can arrange a property valuation for you, helping you to enter the market and make plans with greater confidence.

For sales enquiries in Bishop’s Stortford, please feel free to call us on 01279 757250 or why not email us at bishopsstortford@intercounty.co.uk. With considerable experience in the local market, and free valuation services, we look forward to helping you move.