While there was a heightened level of activity in the housing market when people were allowed to buy and sell houses, many industry experts believed this demand would tail off. There were a range of reasons why so many people engaged the market at this time, with many of these reasons not being relevant as the year wore on.
However, the stamp duty holiday has provided fresh impetus to buyers. The Office for Budget Responsibility (the OBR) believes an additional 100,000 homes will be bought thanks to the stamp duty holiday. If you are looking to be active in the Huntingdon property market, we are here to help you.
There are savings to be enjoyed in Huntingdon
According to Zoopla, the average price paid for property in Huntingdon in the past 12 months (as of August 2020) is £294,115. This is below the stamp duty holiday threshold, so buyers at this price level will not any stamp duty.
This will result in a saving of more than £4,700 for the buyer, which is a great outcome for anyone looking to buy a home. As stamp duty charges must be paid soon after concluding the deal, anything which reduces the financial pressure on buyers at this time must be viewed as a bonus.
Vendors should respond to heightened demand
While the stamp duty holiday is great news for buyers, it is also positive news for buyers. As there are more buyers looking for property, homeowners should feel more confident about placing their house on the market.
Therefore, it is important to consider the stamp duty holiday deadline alongside how long it usually takes to sell a home in Huntingdon.
How long does it take to sell a home in Huntingdon?
According to the home.co.uk website, the average time property in Huntingdon stays on the market is 169 days. This is 24 weeks, which is considered to be at the top end of the average time it takes to sell a home in the UK.
Of course, buyers and vendors should also be aware of the impact of the COVID-19 pandemic on the pace of property deals. Social distancing measures means some tasks will take longer to complete, so please allow more time for deals to be concluded.
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.
“The stamp duty holiday has provided fresh impetus to the local housing market”, said Thomas Morris Huntingdon Branch Manager Caroline Woodall. “At Thomas Morris, we are happy to provide guidance to anyone looking to make a move in the Huntingdon housing market, so please get in touch.”
Selling your home is stressful, but with the right support, you can make the process easier. If you are keen to sell your home this year, we are happy to help. 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 Huntingdon branch on 01480 414555.