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Stamp Duty: Avoiding the rush

The demand for property has continued to soar since lockdown ended. The average amount of time to find a buyer, from placing a property on the market has fallen to just 27 days since lockdown eased - with properties selling 12 days quicker when compared to the same period last year.

The number of people contacting estate agents regarding residential properties increased by 75% compared to the same period a year ago and average asking prices are now 2.4% higher than in March. The average price of property coming to market in Britain is also at a record high, standing at £320,265.

With the introduction of the stamp duty holiday, it is a great time to sell or buy your next property. Previously, stamp duty could have added £10,000s to a purchase price, but temporary changes mean many buyers won't have to pay it. Until April 2021, in England and Northern Ireland, you won't pay any stamp duty on the primary residence up to £500,000, while in Scotland and Wales the threshold has risen to £250,000.

Were you thinking of selling a home?

It is a sellers' market right now; demand is high, and properties for sale are commanding premium prices, with sales hitting 76% higher than the five-year average. If you are seriously thinking of selling your property at the moment, it's a great time to find out the market value.

Propertymark has recently launched a campaign to encourage sellers in England to be on the market by the 26 September, reducing the chance of them missing out on the Stamp Duty holiday deadline of 31 March 2021.

With the increase of property demand, you must take advantage of the Stamp Duty holiday, as soon as possible. When you take the average time it takes to complete on a property once an offer is accepted into consideration, the deadline in March doesn't appear to be that far away.

Based on three property prices, how much could the stamp duty holiday save you when buying a home?

Savings of £1,500

on properties with an asking price of £250k

Savings of £5,000

on properties with an asking price of £350k

Savings of £10,000

on properties with an asking price of £450k

Wanting to buy a property or sell your house? Find out how we can help you today. Simply call our head office on 01484 530361 or browse our branches to find out which is most convenient for you to get in touch.

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