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How stamp duty cuts have kept the property market moving

Jackie Atkins

The property market is ending 2020 in a surprisingly buoyant state despite the coronavirus pandemic – and that is in no small part down to the stamp duty holiday.

Since July, homebuyers purchasing a property for more than £500,000 are required to pay stamp duty on the amount that exceeds the 500k figure. For example, buyers paying £900,000 will pay 5% stamp duty on the £400,000. Prior to these changes, homebuyers faced a stamp duty bill on any purchase that exceeded £125,000.

The changes in stamp duty, combined with the easing of Covid-19 restrictions in the summer, resulted in getting the property market moving again. 

Chancellor Rishi Sunak announced that the stamp duty holiday will stay in place until at least March 31 2021, with campaigners urging it to be extended even further (or even for good!) to allow the property market to keep moving.  

Locally the impact was seen in a rise in house prices; the average value of properties in Hale rose by 12% on last year’s prices, according to figures from Zoopla.

stamp duty raised by the Treasury increased by 27% from July to September compared with the three months before. Even though many homebuyers benefitted from not paying stamp duty at all, the number of higher value properties sold was on the up. And this more than made up for the revenue relinquished by the stamp duty holiday

Jackie Atkins, who launched Hale Homes earlier this year, said: “It is a really tough time for a lot of individuals and businesses and it has forced many to adapt in ways that were unimaginable 12 months ago, but it has opened many doors for estate agents.

“Potential clients realise the need for more space for a home office; others have decided not to wait to buy their dream home. Families have realised the need for more garden space. People are spending more time than ever at home – maybe in some cases, too much, leading to divorce and the sale of the family home – so the market is huge.”

Selling your home during the pandemic is a different experience than in previous years – but it can be managed easily if you are well prepared. Many of the regular estate agency procedures are now carried out online.

“Estate agency is rapidly moving more online, with buyers receiving alerts for newly launched properties onto their mobile phones and downloading property details on their home computers at any time of day, to suit themselves. COVID- 19 has accelerated this move to a more flexible, online and phone service from estate agents. “

Regarding viewings, there are several measures that homeowners should take to ensure that both they and home viewers are protected. To read more on making your home COVID-19-safe for viewers, see our tips on showing your home during the pandemic

For more advice on selling your home during the pandemic, contact Jackie Atkins on 0161 960 0066 or emailJackie@halehomesagency.co.uk