Northampton – Stamp Duty Holiday Impact
12th August 2020
12th August 2020
There is a good chance you are wondering about the impact of the stamp duty holiday on the local housing market. Whether you plan on buying or selling soon in Northampton, you will want to know if the saving for buyers will help or hinder your plans.
At Merrys, we are pleased to say we have assisted many homeowners in selling their house, and we know the Northampton property market. We are happy to talk you through the stamp duty change, and what it will likely mean to you.
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
At Merrys, we are keen to ensure you remain up to date with all property news. If you have any questions regarding the impact of the stamp duty holiday, please get in touch and we will be delighted to talk you through the process.
According to Zoopla, as of July 2020, the average price paid for property in Northampton was £262,097. This is below the stamp duty holiday threshold, which means all property purchases at the average price in Northampton will not incur a stamp duty charge for buyers.
The following table details the average price paid for Northampton property, as per property type:
Average price paid for flats in Northampton: £136,830
Average price paid for terraced properties in Northampton: £205,154
Average price paid for semi-detached properties in Northampton: £234,076
Average price paid for detached properties in Northampton: £370,812
All these prices are below the stamp duty threshold. The largest saving a buyer can make is with the purchase of detached properties, which would have previously incurred a stamp duty charge of £8,540.
This represents a significant saving for any house buyer, so it is likely there will be additional interest in the local housing market thanks to these measures. Some industry specialists have tipped an increase of sales of around 100,000 thanks to the measure.
The stamp duty holiday isn’t just great news for buyers, it should provide vendors with greater confidence in heading to the market. If you are looking to sell your home, knowing there are more willing buyers to reach is a positive starting point, and we are here to assist vendors in and around Northampton.
The most obvious starting point in selling your home is to arrange a property valuation. We are more than happy to provide this service, so contact Merrys to arrange a free valuation.
We know a lot of people are looking for guidance and assistance right now. If we can be of any assistance, we will. Therefore, if you have any housing market questions, please contact Merrys today, and we will be happy to help.