The stamp duty holiday is likely to have a positive impact on the housing market for the rest of 2020 and the opening months of 2021. The Office for Budget Responsibility (OBR) expects an additional 100,000 homes to be sold because of the stamp duty holiday.
At Thomas Morris, we have welcomed many buyers and looking for guidance and information about the stamp duty holiday, and how it affects them. We are more than happy to offer support and services relating to the Biggleswade housing market.
There are savings to be enjoyed in Biggleswade
According to Zoopla, the average price paid for property in Biggleswade in the past 12 months (as of August 2020) is £319,897. At this price, which falls beneath the stamp duty threshold, there is no stamp duty fee to be paid.
Buying property at this price, while the stamp duty holiday is in effect, provides the buyer with a saving of close to £6,000. When you consider the overall cost of buying a home, and the timeline associated with paying the stamp duty charge, the vast majority of buyers will be pleased to avoid paying this charge.
Vendors should respond to heightened demand
As there is a significant saving for many local buyers, vendors should be ready to respond. It is likely to be a competitive marketplace for homes in and around Biggleswade, and of course, all parties will want to conclude the transaction before the stamp duty holiday is removed.
Therefore, it is important to consider the stamp duty holiday deadline alongside how long it usually takes to sell a home in Biggleswade.
How long does it take to sell a home in Biggleswade?
According to the home.co.uk website, the average time property in Biggleswade stays on the market is 144 days. This is 20 weeks, which is much around the average time taken to sell property in the UK.
Buyers and vendors should be aware there will likely be a slight delay in property transactions at the moment. The heightened demand and the impact of social distancing measures means some stages of the process will move slowly, but choosing the right estate agent will help to speed up the sales process.
As of mid-August 2020, there is only around 32 weeks to the scheduled closure of the stamp duty holiday. This might be extended, or made permanent, but it is clear buyers and vendors in this part of the country don’t have time to waste if they wish to capitalise on the stamp duty holiday.
“At Thomas Morris, we know many buyers are keen to capitalise on the stamp duty holiday”, said Thomas Morris Biggleswade Branch Manager Ryan Coyne. “If you are keen to move soon, contact us, and we will assist you.”
If you plan on require guidance on the property market, or you would be keen to value your home, book a valuation at a time that is of suitable to you or alternatively, you can phone our Biggleswade branch, managed by Ryan Coyne by calling us on 01767 310111.