Royston Buyers – Impact Of Stamp Duty Holiday

20th August 2020 posted in BUYERS

We are keen to answer any property market questions you might have, and we know many people likely have questions about the impact of the stamp duty holiday. At Country Properties Royston, we aim to assist buyers and vendors in the local market.

What does the stamp duty holiday consist of?

On Wednesday 8th July, the Chancellor of the Exchequer, Rishi Sunak, has announced an increase in the stamp duty threshold in the Summer Update. The key points of the stamp duty changes 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

While the deadline seems a long way away, it is best to be active sooner rather than later in the housing market. If any delays occur, you might the transaction is in jeopardy, especially if the buyer is depending on enjoying the stamp duty holiday saving.

If you plan on selling your Royston home, we advise you to act quickly. If you would like to arrange a property valuation, please get in touch and we will arrange this for you.

Stay in touch with Royston property market changes

According to Zoopla as of early August 2020, the average price paid for property in Royston in the past 12 months is £425,241. This sum can be broken down into the following property types:

·         Average price paid for flats in Royston: £192,468

·         Average price paid for terraced properties in Royston: £303,639

·         Average price paid for semi-detached properties in Royston: £354,642

·         Average price paid for detached properties in Royston: £650,620

The average price paid for property in Royston is beneath the stamp duty temporary threshold, so anyone buying at this price will not pay any stamp duty, as long as the deal concludes before the deadline.

The majority of buyers will not pay stamp duty when purchasing property in Royston, as long as they conclude the transaction before the March 31st 2021 deadline. However, some of the more expensive properties in the local area will incur a stamp duty charge.

Some buyers will enjoy large savings when buying property in Royston

The average price paid for a detached property in Royston is above the threshold, so there is a stamp duty charge to be paid. However, the fee of £7,531 is a considerable saving for a property buyer. At this price, a buyer saves £15,000; so, you can see why buyers at this price level are supported by the stamp duty holiday.

Miles Shipside of Rightmove said; “Our analysis shows that this is going to help the mid-market the most, but all parts of a property chain are vital to keep the market moving. Although low deposit mortgage options are slowly coming back to the market, first-time buyers who were already exempt from stamp duty up to £300,000 may find that they will be competing with some buy-to-let investors also looking to make the most of the stamp duty savings in this sector of the market.”

In line with Government guidelines, our Royston branch has reopened and is again staffed with sales and lettings personnel.  If you have any queries or need advice on property sales and lettings then please call 01763 245121 or email royston@country-properties.co.uk.