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Harlow Buyers And Stamp Duty Changes

October 29th 2020
By: Intercounty
Harlow Buyers And Stamp Duty Changes

You will find Intercounty is committed to providing you with the best standard of service in the local housing market. We also keep in touch with the national market, ensuring you make an informed decision whenever you make a move in the housing market.

We understand you will likely have questions regarding the stamp duty holiday, and what impact it has on Harlow buyers. We are always happy to discuss any property questions you have, so please feel free to contact us.

Stamp duty changes are in place

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

You might think the end of March 2021 gives you plenty of time to make a move, but if you wish to buy a home, we recommend you start the process sooner rather than later. Sometimes delays occur in the housing market, even when everyone is eager to conclude the deal. You might also be affected by issues in the chain, so starting the process sooner rather than later makes sense.

If you are planning on moving, we can help you ascertain the value of your property. Contact us to arrange a free valuation, which provides the perfect starting point in deciding what your next move should be.

Harlow Stortford house prices and stamp duty changes

According to Zoopla, checked at the end of July 2020, the average price paid for property in Harlow in the past 12 months is £313,262. This is below the stamp duty threshold, and as long as the deal concludes before April 2021, Harlow buyers purchasing at this price won’t have to worry about stamp duty costs.

Before the stamp duty change, a home buyer would have faced a stamp duty bill of £ 5,663.10 when buying a property at this price. A first-time buyer would have faced a stamp duty bill of £663.10.

First-time buyers might not make a massive saving thanks to the stamp duty changes when buying in Harlow, but any saving is better than nothing.

With property buyers in Harlow having the chance to lower the overall cost of buying a home, there will hopefully be a positive knock-on effect for vendors. After all, if there are more buyers in the market, and there have been predictions that an additional 100,000 homes will be sold because of the stamp duty holiday, vendors should feel more confident about entering the market.

If you plan on buying a home in Harlow, we are here to assist you, so please get in touch.

For property enquiries in Harlow, please feel free to call us on 01279 639666 or why not email us at harlow@intercounty.co.uk. With considerable experience in the local market, and free valuation services, we look forward to helping you move.