There is no denying many people and households have been encouraged to consider moving home thanks to the stamp duty holiday. With more buyers interested in property, vendors should feel more confident about placing their home on the local market.
At Stones Residential, we are pleased to say we have assisted many local vendors and buyers in recent weeks. If you have any questions regarding the impact of the stamp duty holiday deadline on the Stanmore housing market, we are here to help.
There are savings to be enjoyed in Stanmore
According to Zoopla, the average price paid for property in Stanmore in the past 12 months (as of August 2020) is £640,677. This is above the stamp duty threshold of £500,000 so anyone buying property at this price will have to pay some stamp duty.
However, buyers will save £15,000 at this property price, which is a considerable saving. The stamp duty owed at this property price is just more than £7,000 but without the stamp duty holiday in place, the stamp duty fee owed would be more than £22,000.
How long does it take to sell a home in Stanmore?
According to the home.co.uk website, the average time property in Stanmore stays on the market is 202 days. This is almost 29 weeks, which is longer than the average time expected to conclude a property deal.
As of mid-August 2020, there is only around 32 weeks to the scheduled closure of the stamp duty holiday. If everything runs smoothly, there will be more than enough time to finish the transaction before the stamp duty holiday deadline, but it is likely delays will happen right now.
As an example, anyone arranging a mortgage will face delays. The mortgage sector has been placed under considerable pressure thanks to the COVID-19 pandemic, and the heightened demand for mortgages relating to the stamp duty holiday will only create more challenges for the sector.
However, it is possible to speed up the process without compromising on quality by calling on the services of a skilled and experienced local agent. At Stones Residential, we are here to help.
There is optimism from property experts regarding the future of the housing market
Robert Gardner is the Chief Economist at Nationwide, and he said; “The bounce back in prices reflects the unexpectedly rapid recovery in housing market activity since the easing of lockdown restrictions. Pent up demand is coming through, where decisions taken to move before lockdown are progressing. Moreover, social distancing does not appear to be having as much of a chilling effect as we might have feared, at least at this stage.”
Whatever your circumstances are, or what move you would like to make next; we are here for you. Stones Residential prides itself on offering the best standard of service to our clients, and we work hard to help you achieve your property goals. If you would like to arrange an appointment or get more details on how we can help you sell your property, contact us today online or by calling us on 020 8954 0045.
