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Sawbridgeworth – How Stamp Duty Holiday Affects You

October 23rd 2020
By: Intercounty
Sawbridgeworth – How Stamp Duty Holiday Affects You

While we are local specialists in the Sawbridgeworth housing market, at Intercounty, we like to keep in touch with what is happening around the country. We stay abreast of national housing market matters, with the stamp duty holiday a prime example of what we can assist you with.

If you would like to know how the stamp duty affects you in Sawbridgeworth, we can help. We are happy to discuss this matter, or any other housing topic, so please contact us. We can also arrange a property valuation on your behalf, ensuring you enter the market with confidence.

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

You might think a deadline of the end of March next year provides you with plenty of time, but be aware unexpected delays can arise in the housing market. Even when you have buyers and vendors looking to conclude a deal quickly, problems can arise. Also, if you are part of a chain, you might find problems delay the deal, which could jeopardise the savings a buyer makes.

Therefore, if you want to move, review your options, and we are more than happy to talk you through the process.

Sawbridgeworth house prices and stamp duty changes

According to Zoopla, checked at the end of July 2020, the average price paid for property in Sawbridgeworth in the past 12 months is £373,576. Detached properties in the area have an average price of £587,397, which is above the stamp duty holiday threshold, but the average price for flats, terraced properties and semi-detached properties all fall below the stamp duty holiday threshold.

Returning to the average price paid for local property, a property buyer in Sawbridgeworth would have faced a stamp duty bill of £8,678.80 when buying a property at this price. A first-time buyer would have faced a stamp duty bill of £3,678.80.

While local buyers can take comfort from being able to save money when purchasing property, this is also good news for vendors. Anything which increases the number of likely buyers in a market is positive for vendors, and some industry experts predict an extra 100,000 homes will be sold.

If you are a homeowner in Sawbridgeworth, and you are keen to connect with the increased number of buyers entering the market in relation to the stamp duty holiday, we can help. 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 Sawbridgeworth, please feel free to call us on 01279 600333 or why not email us at sawbridgeworth@intercounty.co.uk. With considerable experience in the local market, and free valuation services, we look forward to helping you move.