If you are wondering how the recently announced stamp duty holiday will impact you, and the local Stansted housing market, we are here to assist you. At Intercounty, we take immense pride in supporting the local Stansted community, and if you have any questions or queries regarding the housing market, we are here to help.
There is a range of opinions regarding the stamp duty holiday, but there are many industry specialists who believe it will boost activity in the property sector. Some pundits have tipped an additional 100,000 homes will be sold because of the measure.
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
We appreciate a lot can change between now and the end of March next year, but anyone who is keen to capitalise on the stamp duty holiday should look to move sooner rather than later. If a property deals moves smoothly, there is no concern, but even well-prepared buyers and vendors have experienced difficulties when selling their home.
Therefore, we recommend you review your options and if a move appeals to you, it makes sense to start the process sooner rather than later. This is an area where we can help, and if you have any questions, please feel free to contact Intercounty.
Stansted house prices and stamp duty changes
According to Zoopla, checked at the end of July 2020, the average price paid for property in Stansted in the past 12 months is £416,896. Detached properties in the area have an average price of £540,708, 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.
Before the stamp duty change, a home buyer would have faced a stamp duty bill of 10,844.80 when buying a property at this price. A first-time buyer would have faced a stamp duty bill of 5,844.80.
There is an opportunity for buyers in and around Stansted to lower the total cost of buying property, which is always a welcome outcome.
We believe a property valuation is an excellent starting point when making a move in the housing market. We are pleased to offer a free valuation service, and we can arrange for a more detailed valuation service. We offer both these services in Stansted, and if you would like to learn more about these or any of our services, please contact us today.
For sales enquiries in Stansted, please feel free to call us on 01279 814400 or why not email us at email@example.com. With considerable experience in the local market, and free valuation services, we look forward to helping you move.