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St Neots Stamp Duty Holiday And Local Market Impact

August 17th 2020
By: Thomas Morris
St Neots Stamp Duty Holiday And Local Market Impact

The stamp duty holiday has encouraged many local buyers to consider moving home. At Thomas Morris, we are pleased to say we have welcomed many prospective buyers, and if you have any questions or concerns regarding the impact of the stamp duty holiday, please get in touch.

There are savings to be enjoyed in St Neots

According to Zoopla, the average price paid for property in St Neots in the past 12 months (as of August 2020) is £296,431. 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 £4,821.55. This isn’t the largest saving a buyer can make thanks to the stamp duty holiday but equally, very few buyers will turn down the chance to save close to £5,000 when buying a home.

Also, with the stamp duty fee payable a short time after the deal concludes, it is helpful for a buyer to reduce their outlays at this time.

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 Neots?

According to the home.co.uk website, the average time property in St Neots stays on the market is 144 days. This is 20 weeks, which is 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.

Of course, given the impact of the COVID-19 pandemic, it is helpful to consider the possibility of short-term delays in the housing market. Mortgage approvals are likely to take longer to conclude, and many tasks which are normally concluded quickly might take longer.

Therefore, buyers and vendors should allow for more time to finish their transaction than normal. However, there is still ample time to buy and sell property in St Neots with the stamp duty holiday deadline in place.

At Thomas Morris, we appreciate the stamp duty holiday has led to many buyers engaging the local housing market”, said Thomas Morris St Neots Branch Manager Andrea Delaney. “We are keen to support all local buyers and vendors. If you have any questions, or you would like to make a move, please get in touch.”

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 Neots branch on 01480 403020.