When it comes to deciding if you should make a move in the housing market, there is a lot to be said for reviewing the impact in your local market, or where you wish to buy.
At Intercounty, we are pleased to say we know the local Great Dunmow market very well. We have spoken with buyers and vendors looking to move in the CM6 postcode area, and if you want relevant guidance on this area, we are here to assist you.
Key points of the stamp duty holiday
On Wednesday 8th July, the Chancellor of the Exchequer, Rishi Sunak, has announced an increase in the stamp duty threshold in the Summer Update. The key 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
The Office for Budget Responsibility expects around 100,000 additional property transactions to occur because of the stamp duty holiday.
How the stamp duty holiday impacts buyers in CM6
As of September 2020, Zoopla lists the average price of property in the CM6 postcode area as £422,008. This figure is below the stamp duty threshold, which means anyone buying at this price will not pay any stamp duty, as long as the deal is concluded before the deadline. The stamp duty associated with a property purchase of this magnitude before the stamp duty holiday was just over £11,000.
Therefore, buyers paying the average price for property in the CM6 postcode can enjoy a considerable saving.
Flats in CM6
The average price paid for flats in CM6 over the past 12 months £239,847. Without the stamp duty holiday in place, a property buyer at this price would have paid £2,296.94 in stamp duty fees.
A saving of more than £2,000 might not be the most significant saving during the stamp duty holiday, but few buyers would refuse it!
Terraced properties in CM6
The average price paid for terraced property in CM6 over the past 12 months is £313,811. There is no stamp duty payable at this price with the stamp duty holiday, representing a saving of £5,690.55 for a buyer.
Semi-detached properties in CM6
The average price paid for semi-detached properties in CM6 over the past 12 months is £363,212 and again, this figure is below the stamp duty threshold. A buyer will not have to pay stamp duty on the purchase, which represents a saving of £8,160.60.
Detached properties in CM6
The average price paid for detached properties in CM6 over the past 12 months is £575,611.
This is above the stamp duty holiday threshold, and buyers will need to pay £3,780.55 in stamp duty fees now. However, if the stamp duty holiday wasn’t in place, buyers would have to pay close to £19,000 in stamp duty fees.
For all property market enquiries in Great Dunmow, please feel free to call us on 01371 878322or why not email us at email@example.com. With considerable experience in the local housing market, and free valuation services, we look forward to helping you make an informed decision when you move in or around Great Dunmow.