Ramsey Housing Market – Stamp Duty Holiday Deadline

August 3rd 2020
By: Thomas Morris
Ramsey Housing Market – Stamp Duty Holiday Deadline

The stamp duty holiday has provided impetus for many buyers and vendors. We are pleased to say we have been contacted by many people in the local area. If you are keen to capitalise on the savings on offer, get in touch and we will talk you through the process.

There are savings to be enjoyed in Ramsey

According to Zoopla, the average price paid for property in Ramsey in the past 12 months (as of August 2020) is £229,924. This price is less than the stamp duty holiday threshold so anyone buying a property at this price will not have to pay any stamp duty charges.

There is a saving of more than £2,000 associated with the stamp duty holiday and this property price. All buyers should be looking to minimise the cost of buying a home, without compromising on the quality of purchase. Therefore, the stamp duty holiday is a welcome feature and one which will hopefully inspire many buyers in and around Ramsey to act quickly.

Vendors should respond to heightened demand

A lot of focus is placed on how welcome the stamp duty holiday is for buyers, but vendors should also take comfort from this holiday. When there is a greater number of buyers looking to purchase a home in an area, vendors should feel more confident.

Of course, as things stand, there is a deadline to the stamp duty holiday, which means buyers and vendors should act sooner rather than later.

How long does it take to sell a home in Ramsey?

A previous study suggests it takes around 18 weeks to sell a home in Ramsey, and the PE26 postcode in general. With the UK average time running between 15 and 25 weeks, this isn’t too bad, and property deals in the area are often concluded with a minimum of trouble.

As of mid-August 2020, there is only around 32 weeks to the scheduled closure of the stamp duty holiday. While the stamp duty holiday might be extended or made permanent, this isn’t in place as of yet. Therefore, buyers and vendors should bear the deadline and average times in mind.

It is also helpful to allow some leeway for delays related to the COVID-19 pandemic. However, even if things proceed slower than normal, Ramsey buyers and vendors should be able to conclude a deal comfortably within the stamp duty holiday deadline.

It is likely the stamp duty holiday has encouraged many buyers and vendors to consider moving home,” said Thomas Morris Ramsey Branch Manager Joe Rattue. “If you are looking for guidance on moving in, out or around Ramsey, please get in touch.”

If you are looking for help with any matter of the sales market, it is best to speak to property professionals. You can book a sales or rental valuation appointment directly on line at a time and date of your choice by clicking here or alternatively or you can phone our Ramsey branch on 01487 814666.