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St Ives Property Market – Stamp Duty Deadline

August 12th 2020
By: Thomas Morris
St Ives Property Market – Stamp Duty Deadline

With the stamp duty holiday set to encourage buyers to snap up homes, we are pleased to say we have been busy in the local market, helping buyers and vendors. If you would like guidance on how the stamp duty holiday impacts the St Ives property market, please contact Thomas Morris.

There are savings to be enjoyed in St Ives

According to Zoopla, the average price paid for property in St Ives in the past 12 months (as of August 2020) is £384,225. This price is beneath the stamp duty holiday threshold, which means anyone buying property at this price level doesn’t have to pay any stamp duty fees.

Buying property at this price, while the stamp duty holiday is in effect, provides the buyer with a saving of more than £9,000. All buyers should be looking to minimise the cost of buying property without compromising the sale. Therefore, a saving of this magnitude is likely to be welcomed by virtually all, if not all, prospective buyers.

Vendors should respond to heightened demand

Of course, the stamp duty holiday isn’t just positive news for buyers, vendors should also be pleased by the stamp duty cut. With more buyers looking for homes, vendors should feel confident about the heightened level of interest and competition in the market.

However, all parties should be mindful of the deadline imposed on the stamp duty cut. Some buyers might pull out if they are unable to benefit from the stamp duty saving, so it is best for all parties to act sooner rather than later.

How long does it take to sell a home in St Ives?

According to the home.co.uk website, the average time property in St Ives stays on the market is 183 days. This is 26 weeks, which is slightly above the average time taken to sell property in the United Kingdom.

As of mid-August 2020, there is only around 32 weeks to the scheduled closure of the stamp duty holiday. Taking the two time-periods together indicates there is more than enough time to conclude deals before the stamp duty deadline, but buyers and vendors should be wary of delays.

Given the impact of the COVID-19 pandemic, it is not unreasonable to assume simple tasks take longer to complete. At the start of the buying process, the buyer must arrange a mortgage for the purchase of the property.

With heightened demand a possibility of staffing issues, it might take longer for mortgages to be approved. If every task in the sales or buying process experiences a small delay, the overall length of time to conclude a deal might be extended by weeks.

At Thomas Morris, we appreciate these are uncertain times for many households”, said Thomas Morris St Ives Branch Manager Katy Poore. “No matter what assistance you require in the local housing market, including any guidance on how the stamp duty holiday affects you, please get in touch and we will be happy to assist you.”

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 St Ives branch on 01480 468066.