It is fair to say the stamp duty holiday has captured the imagination of many people across the country. Not every buyer is likely to benefit from the holiday, but in London and the South-East of England, there is a great deal to be said for buyers enjoying a considerable saving.
At Hunters Camberwell, we are keen to ensure you make an informed decision regarding the stamp duty holiday. We know many people think that there is a long time until the deadline passes, but the 31st March 2021 deadline might come around faster than you think.
At the start of August, there were just over 35 weeks to the deadline and by the start of September, there will be around 31 weeks.
The average time it takes to sell property in England is 18 weeks, which will see some people thinking they have some leeway. However, the London market moves slower, and there is a caution for buyers and vendors in markets which move slower.
The time it takes to sell property varies greatly
The Advisory discusses how the average time to sell property can differentiate between 16 weeks and 25 weeks. When everything runs smoothly, they say 16 weeks is a good estimate of the time it takes to sell property, however, for a cold market, 25 weeks is not uncommon.
If this is the case, vendors would have less than two months to start the sales process and hope for the transaction to be concluded in a slow housing market. What previously seemed like a generous deadline suddenly starts to look narrow.
It takes time to sell property in Camberwell
According to the home.co.uk website, the average time for property to be on the market in Camberwell, as of August 2020 is 169 days. This is a drop on the August 2019 figures, which stood at 196 days.
However, 169 days equates to over 24 weeks, which is at the slow end for property deals according to The Advisory.
People should also be prepared for property deals to take longer to conclude in the current climate. The mortgage application process is likely to take longer and the impact of social distancing may lead to further delays.
When you also consider that these factors are not just shaping your deal, but all other deals in your chain (if applicable), and before you know it, you might be looking at a longer timeframe to conclude a property deal in or around Camberwell.
Be mindful of stamp duty deadlines
Therefore, you don’t want to leave it too long to start the sales process. The stamp duty holiday might be extended or even made permanent but for now, it is best to proceed as if it is going to end on the 31st of March 2021.
There is a good chance some buyers will not want to conclude the deal if they don’t benefit from the stamp duty saving. This means deals which run long are in jeopardy, but at Hunters Camberwell, we are here to assist you sell your home as quickly as we can.
The sales process begins with property valuation
It is vital you have your home valued before you go to market. By valuing your home, you will feel more confident about entering the marketplace and having a price which is likely to attract buyers. You will also have a framework in place that helps you plan your next move.
In most cases, homeowners who sell their home buy another one. You will need to have a budget in place, and this is why having a valuation for your current home makes sense. You can look at new homes with purpose and intent. So, if you are looking to sell your Camberwell home, please contact Hunters Camberwell, and we will arrange a property valuation for you.
Are you looking to buy?
Also, if you intend on selling your Camberwell home and intend to move to another property, you have another reason to bear the stamp duty holiday deadline in mind. You will want to capitalise on the saving yourself, which is a strong incentive for many people.
Therefore, if you are looking to buy and sell property within this limited timeframe, you will find it is best to call on the support of professionals in the field. We are pleased to say we have assisted many buyers and vendors across Camberwell and surrounding areas, and we look forward to assisting you.
If you are looking for guidance or information regarding the housing market, please get in touch with Hunters Camberwell. As a local estate agent who has the support of a national network, we are ideally placed to provide you with all the help and guidance you need to make an informed decision, so please contact us today.