In this two-minute read, we look at why the opportunity clocks are ticking for people wanting to make the most of the Stamp Duty holiday.
“Life is a Game” is a quote attributed to Mother Teresa, but it could be easily applied to property. As with all games, there are winners and losers when it comes to selling a home. Timing always plays a part in how successful you are, as does having a talented estate agency working on your behalf to get you a winning result.
The announcement earlier this month that Stamp Duty for properties under £500,000 is eliminated until March 31, 2021, means there’s now plenty of opportunity knocking on the doors of homeowners in Devon.
Buyers can save up to £15,000 during this window.
Depending on what source you look at, it takes on average (from a cold start) between 176 to 200 days to sell a home. This means the opportunity clock is now ticking before that March 31 2021 deadline.
The Stamp Duty holiday means:
- Deals that were dead in the water over a difference in the value buyers and sellers were prepared to accept (especially between £15-30,000) are now potentially resurrected.
- Having more to put down as a deposit is opening more of the mortgage market to buyers.
- As is the decision by several lenders to reintroduce 90% Loan to Value mortgages.
- If you’re thinking of selling, you’ll also benefit from the Stamp Duty removal if the place you’re buying is under the £500,000 bracket.
But it’s not enough to put your most valuable tax-free asset up for sale and hope the rising tide of a buoyant market mid Devon helps you achieve the premium price for your property.
You also need to remember the following five things, which we’ve related to classic game shows to help you remember:
Blankety Blank – Watch out for cheap and not so cheerful agents or agencies that promise the earth but can’t back it up with evidence and case studies.
The Price is Right – Overvaluing a property will mean it sticks, no matter what the market is doing or if stamp duty has been put on hold. Pricing it correctly to sell at a premium price is a skill experienced agents like us have.
Through the Keyhole – When you are on the market, your property gets put under the microscope so prepare it thoroughly so that viewers will feel like it’s a place they’d love to call home.
Countdown – Remember that date – March 31, 2021 – The sooner you start marketing your property, the better. The clock is ticking.
Bullseye – When you choose an agent with an excellent track record and fair fees who values your property correctly and can guide you on every aspect of the selling process, you’ve hit the bullseye. And you won’t be left thinking about what you could’ve ‘won.’
At Helmores we see working with a client to sell their home as a team effort. So, if you like the sound of our approach and are interested to know how we’d help you make the most of the Stamp Duty window of opportunity, let’s talk.
Thanks for reading!