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Royston Property Market – Stamp Duty Holiday Impact

August 6th 2020
By: Thomas Morris
Royston Property Market – Stamp Duty Holiday Impact

If you are interested in what impact the stamp duty holiday will have on the Royston housing market, Thomas Morris is here to help you. We are pleased to say many local buyers have contacted us, and we know many others are currently evaluating their options. If you would like to discuss the matter with a local housing market specialist, we are here to assist you.

There are savings to be enjoyed in Royston

According to Zoopla, the average price paid for property in Royston in the past 12 months (as of August 2020) is £417,939. With the stamp duty threshold set at £500,000; this price level is edging towards the threshold, but it still falls under it. Therefore, anyone buying property in Royston at the average price will not have to spend any money on stamp duty charges.

The stamp duty threshold offers buyers a saving of £10,896.95 at the average price in Royston. This is a significant amount of money to save. As all property buyers should look for ways to reduce their expenditure without compromising on the quality of the deal, this is great news for buyers in Royston.

Vendors should respond to heightened demand

Of course, when it comes to the housing market, good news for the buyer is often good news for the vendor too. Any homeowner in Royston who is contemplating moving on should consider the positive impact of having more buyers looking for homes in the area.

However, buyers and vendors should be mindful of the stamp duty holiday deadline, and people are advised to start the process sooner rather than later.

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

According to the home.co.uk website, the average time property in Royston stays on the market is 170 days. This is around 24 weeks, which is considered to be at the top end of the average time it takes to sell a home in the UK.

As of mid-August 2020, there is only around 32 weeks to the scheduled closure of the stamp duty holiday. Buyers and vendors in Royston have some leeway when it comes to concluding their deal before the deadline, but be mindful that some processes take longer to complete right now.

Many businesses have reduced staffing levels, and some processes aren’t turned around as quickly as they used to be. As an example, there is a delay in mortgage application process, and this is likely to have a knock-on effect to the overall length of the time it takes someone to buy a home.

Therefore, while no one should rush into a property deal, starting the process sooner rather than later is a smart move.

At Thomas Morris, we know many people are keen to take advantage of the stamp duty holiday”, said Thomas Morris Royston Branch Robert Arnold. “If you are keen to learn how you can benefit from the stamp duty cut, get in touch and we will be more than happy to talk you through the process.”

If you are looking for help with any matter of the property 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 Royston branch on 01763 243331.