Selling Your Home And Meeting Stamp Duty Holiday Deadlines
26th August 2020 posted in Sellers Buyers
It is fair to say the stamp duty holiday has increased demand for property. If you are looking to sell your home, now is an opportune time to do so, especially with the higher level of demand and activity amongst buyers.
However, it is vital you are aware of the deadline, and that you act accordingly to conclude the transaction before the end of March next year. There will be buyers who will pull out of a deal if they cannot enjoy the stamp duty saving, so it is better to act sooner rather than later.
If you are looking to sell your West Hampstead home, contact us, and we will be more than happy 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
It is natural the focus of this measure falls on buyers, but vendors benefit too. We are pleased to say we have welcomed buyers and vendors to our offices of late, and if you are keen to sell your home, we will ensure you do so in a timely manner.
Time it takes to sell a West Hampstead home
According to the home.co.uk site, the average time for homes on the market in NW6 as of August 2020, is 230 days. This equates to 32 weeks, which is higher than the average time on market across England, but isn’t out of the ordinary when it comes to the London market.
As of the start of the September, there is only around 30 weeks until the current stamp duty deadline. Therefore, the timeline in NW6 might seem a little tight for many people, but the sooner you start the process, the better. Also, by calling on a local estate agent, you can speed up the process without compromising on the quality of the sales process.
If you plan on selling your home in West Hampstead, 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
· 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
· Make the condition of your windows a priority when improving your home
· Opt for a neutral décor, keeping decorations simple so as to provide prospective buyers with a blank slate
· Spend some time in the garden creating a favourable and welcoming style