At Hunters Hornchurch, we appreciate there is a heightened level of activity in the housing market. A lot of this activity is related to the stamp duty holiday implemented by the Chancellor.
While there is still ample time to make your move, we believe it is better to start the process sooner rather than later. If you are looking to sell your Hornchurch home, we are here to assist you.
Key points of stamp duty changes
The key points of the stamp duty holiday, implemented by the Chancellor of the Exchequer on 8th July, are:
· Stamp duty threshold is now £500,000
· This increase in stamp duty threshold is set to run until 31st March 2021
· The increase in stamp duty threshold takes place immediately
Naturally, most of the focus has fallen on buyers, and how they are helped by this measure. Of course, buyers and vendors are connected, and good news for buyers can be of benefit to vendors.
Time it takes to sell a Hornchurch home
According to the home.co.uk site, the average time for homes on the market in Hornchurch, as of August 2020, is 140 days. This equates to 20 weeks, which is around the average time expected for property deals in England.
If the transaction runs smoothly, deals can conclude in 15 weeks. If there are problems, it is not uncommon for property deals to take up to 25 weeks to conclude. Therefore, an average time of 20 weeks isn’t a bad outcome, and it could certainly be worse.
Of course, it is not as if things are running smoothly right now. There are delays with mortgage applications and with social distancing in place, some parts of the buying and sales process become more challenging.
With an average time on market of 20 weeks, there is still time to weigh up your options before making a move in Hornchurch, but you shouldn’t wait too long. As of the start of the September, there is only around 30 weeks until the current stamp duty deadline. The sooner you move, the better.
If you plan on selling your home in Hornchurch, call on a local agent to value your property. A realistic property valuation allows you to enter the market with greater confidence, and it provides you with a platform for assessing what you can afford with your next move.
How to sell faster without compromising on price
Mark Hayward is the Chief Executive of NAEA Propertymark and he said; “With housing market activity picking back up this summer after a two-month hiatus, it’s more important than ever to go the extra mile and take every possible measure to help your property stand out. If you are looking to sell your home this summer, turn to your local NAEA Propertymark estate agent to guide you in the right direction and help you ensure all new safety measures are complied with, to increase your chances of a speedy sale.”
NAEA Propertymark has also issued the following tips to help vendors connect with buyers when selling their home this summer and autumn:
· Ensure your home is up to date with safety features and measures
· Make the condition of your windows a priority when improving your home
· Spend some time in the garden creating a favourable and welcoming style
· Opt for a neutral décor, keeping decorations simple so as to provide prospective buyers with a blank slate
· If you have a pet at home, make sure all nasty pet odours are removed before welcoming likely buyers
· Make sure all DIY repair work is taken care of
If you are keen to stay in touch with the local housing market, we can help. At Hunters Hornchurch, we are on hand to ensure you receive all the guidance you need in the local property market, and we are here to assist you.