Impact Of Stamp Duty On Buyers In Wendover

We know many people are keen to find out how the stamp duty holiday impacts them. At Harpers Estates, we are pleased to say we have assisted many buyers and vendors in the local area, and we are well placed to assist you make a move in the market.

If you would like to know more about the impact of stamp duty on buyers in Wendover, we are here to assist you.

What changes have been made to stamp duty?

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

How will the Wendover market be affected?

According to Zoopla, as at the end of July 2020, the average price paid for property in Wendover (over a 12-month period) is £515,553.

This is above the stamp duty threshold, which means buyers still have an amount of stamp duty to pay. At this price, buyers in Wendover are expected to pay £777. This is a small amount in the grand scheme of things when buying a home, and it represents a significant saving for buyers.

Without the stamp duty holiday, buyers at this price would be expected to pay £15,777; so it is easy to see why many buyers in Wendover will be keen to act. This holiday is also positive news for vendors. The more buyers active in the market, the more likely it is that vendors will feel confident about entering the market.

An increase in property sales is expected

When it comes to the overall impact on the market, some housing market specialists predict as many as 100,000 additional homes will be sold because of the stamp duty holiday.

Marc von Grundherr, a leading name in the property industry, said; “Breaking down the current property stock available on the market really gives us a good idea as to just how many people are due to benefit from the changes to stamp duty announced last week. The figures show that the vast majority of homebuyers will be better off as a result. Even in London, there will be a considerable saving for a vast number of those transacting across almost every borough.”

Marc continued by saying; “However, there is a chance that savvy home sellers who may have seen the value of their property slump due to the recent pandemic will now increase their asking price by that little bit extra. Our advice to homebuyers would be to know your market, stick to your guns when making an offer, and keep your stamp duty saving in your back pocket. You can use it as a bargaining chip should you need it further down the line when negotiating, but don’t be forced to over offer straight away.”

We know this is a challenging time, and for many households, the thought of buying or selling property is far from their mind. However, we also know many people are keen to keep themselves entertained, and some people may have property market issues. If we can be of any use to you, please contact Harpers Estates, and we will be more than happy to assist you.