We know many people are looking for guidance on what the stamp duty holiday means to them, and the local property market. At Country Properties Biggleswade, we take immense pride in offering support to all our local clients. If you have any questions about the impact of the stamp duty holiday, please contact us and we will do our best to answer your questions.
If you are a Biggleswade vendor looking to sell your home, we are happy to assist you. Get in touch to arrange a property valuation today.
Stamp duty holiday is in place
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 Chancellor said: “Nearly nine out of ten people buying a main home this year will pay no stamp duty at all.”
How will the Biggleswade market be affected?
According to Zoopla, as at the end of July 2020, the average price paid for property in Biggleswade (over a 12-month period) is £324,291.
As this price is below the stamp duty threshold, any property buyer purchasing at this price will not have to pay any stamp duty fees.
Even detached properties in Biggleswade carry an average price that is beneath the stamp duty threshold, which is an incentive for local buyers.
Hopes are high for housing market activity
Some industry experts have tipped the number of additional sales linked to the stamp duty measure to reach 100,000. This is a significant number, and even if the prediction falls short, it should hopefully see healthy activity in the national and even local housing market.
Of course, while most of the focus is on buyers, vendors benefit too. Homeowners considering selling their home should feel more confident about entering the marketplace. Also, if a vendor then buys a property, they should benefit from the stamp duty holiday, as long as the deal is concluded before the March 31st 2021 deadline.
Rightmove’s property expert Miles Shipside said: “This move will help to keep the nation and wider economy moving because keeping the current momentum going will help prevent destabilising falls in property prices as unemployment grows, and enable a quicker economic recovery. Lockdown prevented 175,000 would be sellers from coming to market so we hope this Stamp Duty holiday will provide the spur for those missing movers to come to market.”
Miles continued by saying; “They will find there’s currently record demand for their properties from prospective buyers, with Rightmove enquiries to agents now double what they were before lockdown. Home-movers will be grateful that the changes come into effect straight away so they don’t have to delay their plans, and what we could see now is people rushing to get a price agreed before some sellers put their prices up in the hope people will be able to pay more because of the tax savings.”
In line with Government guidelines, our Biggleswade branch has reopened and is again staffed with sales and lettings personnel. If you have any queries or need advice on property sales and lettings then please call 01767 317799 or email firstname.lastname@example.org.