The stamp duty holiday has increased demand for homes, and it is important vendors react to this heightened demand. The deadline of March next year might seem far away, but delays are possible in the housing market.
If you don’t want to miss out on the benefits associated with the stamp duty holiday when selling your Stoke Newington home, we are 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
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 Stoke Newington home
According to the home.co.uk site, the average time for homes on the market in Stoke Newington, as of August 2020, is 204 days. This equates to 29 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 Stoke Newington 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 Stoke Newington, 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:
· 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
· Make the condition of your windows a priority when improving your home
· Make sure all DIY repair work is taken care of
· If you have a pet at home, make sure all nasty pet odours are removed before welcoming likely buyers
· Ensure your home is up to date with safety features and measures
If you need any help or guidance regarding property matters, please get in touch. As your local housing market specialists, we will do what we can to ensure you make your next house move in style. Contact Hunters Stoke Newington today for all your housing and letting needs.