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Saffron Walden Buyers And Stamp Duty Changes

November 23rd 2020
By: Intercounty
Saffron Walden Buyers And Stamp Duty Changes

The stamp duty holiday has invigorated the housing market, ensuring there is a high level of activity. When the housing market re-opened in May, there was a lot of activity, but there were also strong doubts as to whether this demand would be sustained.

A lot of the initial demand related to people whose property move was placed on hold because of the lockdown. There were also many people whose circumstances changed during lockdown, resulting in them needing to move home quickly.

However, when this initial wave sorted itself out, it was believed that the market would deflate, but this isn’t the case.

We are pleased to say we have welcomed many buyers and vendors of late, all looking for guidance on what the stamp duty holiday means to them, and how they can capitalise on it.

What the stamp duty holiday means in Saffron Walden?

With the average price paid for property in Saffron Walden over the past 12 months standing at £447,794, there is a chance for buyers to make a significant saving on stamp duty. This average price, which is according to Zoopla, is below the stamp duty holiday threshold.

Currently, a buyer purchasing at this property price doesn’t have to pay any stamp duty. This represents a saving of £12,389.70. The majority of buyers will be more than happy to lower the cost of buying a home by more than £12,000; so, it is easy to see why there are motivated buyers in the Saffron Walden area.

Big savings are on offer

The average price paid for detached properties in Saffron Walden, £646,654, is above the stamp duty holiday threshold. Anyone buying at this price will have to pay £7,332.70 in stamp duty fees.

Without the stamp duty holiday in place, a buyer would have to pay £22,332.70, which means these buyers save £15,000 in stamp duty fees.

Rightmove’s property expert Miles Shipside said: “We always knew that the stamp duty holiday was going to be a big incentive for people to get moving this year, and it’s certainly sparked a home-moving frenzy across commuter towns in the south of England. Thousands of sellers are being tempted to come to market in these areas for a number of reasons. Firstly, lots of buyers stand to make pretty sizeable savings thanks to the stamp duty holiday – particularly in the southern commuter belt – so now seems as good a time as any to press ahead with home-moving plans.”

Miles continued by saying; “We’re also seeing a growing trend of people looking to move out of urban areas and into smaller towns, with homeowners in built-up areas reassessing their housing needs and looking for places with more outside space. Lastly, proximity to a station doesn’t seem to be as important as it once was, meaning sellers in these commuter towns are looking to move a little further afield as working from home becomes a more permanent way of life.”

For all property enquiries in Saffron Walden, please feel free to call us on 01799 522641or why not email us at swlettings@intercounty.co.uk. With considerable experience in the local letting market, and free valuation services, we look forward to helping you make an informed decision in the Saffron Walden rental sector.