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THOUSANDS of buyers could benefit from the Stamp Duty cut today.
The Chancellor yesterday slashed stamp duty rates (SDLT), saving the average buyer in England £2,500 in tax on their property purchases. This now means 47% of purchasers will no longer pay any SDLT, compared to just 12% who didn’t pay SDLT when the nil-rate band was £125k.
The Chancellor has doubled the nil-rate stamp duty band from £125,000 to £250,000 in England and Northern Ireland. This means an extra 200,000 buyers will pay no stamp duty whatsoever.
It also means that a third of all homes currently for sale in England are now exempt from stamp duty, according to property website Rightmove. Here’s all you need to know…
What is Stamp Duty?
Stamp Duty is the tax that must be paid when you purchase a property or a piece of land. The amount of money payable duty depends on the overall price of the property as well as factors like whether it is residential or non-residential and whether or not you are a First Time Buyer.
How much will first time buyers save in tax?
There’s more great news for first time buyers. The old threshold at which stamp duty was paid for first-time buyers was £300,000 but this has increased to £425,000. The Chancellor has also increased the value of the property on which first time buyers can claim relief, from £500,000 to £625,000.
The changes come into effect immediately. The changes to the first-time buyer rates will really help buyers, and also give a saving of £2,500 for all for purchases over £250,000.
If the property was worth between £125,001 and £250,000, the stamp duty land tax rate was 2%. So if the property was valued at £250,000, you would have had to pay an extra £2,500 in stamp duty tax.
For the next £675,000, the rate was 5%. If the property you are purchasing was valued between £250,001 and £925,000 bracket, the buyer will not pay any stamp duty on the first £125,000 but would have paid a 2% rate on the next £125,000 and a 5% rate on the following £675,000.
First-time buyers in England and Northern Ireland were always required to pay stamp duty. However, it didn’t apply to the first £300,000 of a main residential property if it costs less than £500,000.
Are there any changes that landlords should be aware of ?
Mr Kwarteng did not announce any changes to the remaining tax bands and he didn’t announce any changes to the additional homes surcharge, so that will remain at three percentage points.
Details provided by Barstow Evevs : https://tinyurl.com/3nk79mjp
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Whilst undoubtedly, over the past twelve months, the market has seen a significant reduction in levels of sales that are occurring, due to a combination of significantly increased values over the past five years and what seems to be ever increasing interest rates following the mini budget. I think it is fair to say the market has changed, however, is still good, so long as we approach the market correctly.
They key to selling currently is a realistic asking price. Gone are the days of being able to add an extra two/three per cent to see “what happens” and often actually achieve it, realism is the reality now.
Since march - April of this year, here at Acres, we have seen levels of properties coming to the market and sales agreed significantly improved. On a multitude of occasions still, when a property is brought to the market across our network of offices at the correct current figure we are very selling close to asking price. As mentioned before realistic initial asking prices are key.
So in summary, don’t believe everything you see in the press! The media seem to be actively talking the market down by way of “house prices are going to crash” and “property sales are stagnating” “property prices are falling”. Here at Acres we are certainly not seeing this excessively.
Have prices reduced? Yes, but as mentioned previously, in real terms No. They have just reverted back to where they should have been. The hope factor mentioned above has gone from the market place.
Where do we see the market going? Realistically as a continuation of as it is at the moment, prices will not rise again, on that we feel fairly sure in the short to medium term, however, given a relatively strong economy, strong employment rates and the demand for housing. We are not in the same situations we have seen previously when property crashes have happened where the whole of the economy has conspired against the property market.
If you are thinking of moving, be that to sell, or purchase, please contact your nearest Acres office for expert advice and guidance. Thank you for your interest in Acres, our property and services.
Nigel & Jayne Deekes - Partners
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Now is a great time to market with buyers waiting !
Many people believe that Spring is the best time to sell, however, the market has changed in recent years and now it isn’t actually as seasonal. It is true that the housing market tends to slow down during the school holidays, and the year end, as families have other priorities so trying to keep your home tidy when the kids are trying to have fun can be hard work.
The good news, September always sees a flurry of people looking to move and be settled for, dare we mention it, Christmas !
1.Motivated buyers
Would you like to be in your new home by the end of the year, entertaining family and friends? Buyers out hunting in September are focussed on this. For many Christmas becomes a deadline and really motivates them into making an offer sooner, rather than later.
2. School admission deadline dates
Did you know that many school admission deadline dates fall towards the end of the year, ready for placements to be issued in February. Schools are a key reason why many families move. For these people, they need to be moved into the area in order to have the best possible chance of getting their preferred school. These families tend to start house hunting as soon as the summer holidays end.
3. Focus on those cosy features
September is a time where gardens become less of a must-have. Buyers still love them, but homes which struggle with outside space often sell better in September as buyers mindset turns towards cosy features, such as open fires, and wood-burning stoves. Make sure yours is lit for any photos.
4. Improved views
Does your home have a view ? Is it blocked out by the trees in full leaf ? As Summer turns into Autumn the trees start to drop their leaves. All of a sudden buyers can see your views and this in its own right can be a key selling feature to your home!
5. The kids are back at school
This is the most obvious reason of them all. Both home sellers, and home buyers with families delay any moving plans because of the Summer holidays. Come September, the kids are back at school and they have much more free time. Houses become easier to keep tidy. Potential buyers appear more relaxed, many choosing to view when the kids are actually in school.
Are you considering selling ?
If so, now is the ideal time.
In previous years Rightmove has reported a significant increase in traffic volumes in September.
If you would like to discuss your sale, or proceed with marketing please call your local office, email us directly This email address is being protected from spambots. You need JavaScript enabled to view it. or give your local office a call.
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Flats are back in demand as home sales start to climb
If you’re looking to move right now, you’ll know there’s been lots of news about the property market, from rising interest rates, to what might happen to house prices.
With our up-to-date housing market data, we’re able to spot changes in the home-moving market as they happen. And this month, we’ve seen that the number of home-sellers accepting offers from buyers has returned to the same level we saw before in 2019, before the pandemic began.
