Stamp Duty Holiday: How can you benefit as a seller?

Tens of thousands of homebuyers are currently jumping at the opportunity to move following The U.K Chancellor’s reassuring Stamp Duty Holiday announcement in July.

The stamp duty exemption threshold has been raised from £125,000 to a more incentivising £500,000. Saving homebuyers up to £15,000 in tax charges if they buy before the Stamp Duty Holiday deadline on 31st March 2021.

But how can you benefit as a seller? With the deadline ticking closer, let’s take a look.

Top 4 seller benefits during the Stamp Duty Holiday

Increased buyer demand

An ongoing ‘buyer frenzy’ has been seen following the announcement – as mentioned by Rightmove – with the demand for new homes outshining supply despite thousands of sellers entering the market.

With this increasing demand comes your imminent opportunity to benefit from an influx of buyers, resulting in shorter sales times and access to a more diverse pool of potential purchasers.

Those buying properties in London top the list of beneficiaries

The demand for new homes in outer London and the commuter belt is booming, with Rightmove reporting a 60% increase in demand locally since the start of the holiday compared to this time last year.

Consequently, those wishing to move to London are the biggest beneficiaries of the Stamp Duty Holiday as local property prices frequently near the peak of the threshold (£500,000), saving buyers more than £15,000 in tax payments.

As a seller, you, therefore, have a fantastic opportunity to receive more viewings enquiries and a greater chance of meeting your initial asking price.

Property investors also benefit

Property investors are in a better position to apply for a mortgage and get approval due to current tax savings. So if you’re looking to sell your property and scoop up a new buy-to-let home – now’s the best time to begin.

Increasing property prices

Average London property prices are up 2.1% this year compared to previous years according to GOV.uk, with many experts predicting another 0.5% increase before the deadline. You, therefore, have the ability to reasonably raise your asking price at pace with your local rate and earn more from your sale than you would have before the ‘holiday’.

At Anthony Pepe – your local North London estate agency – we recommend starting your sale no later than November 2020, as the average time it takes to finalise a sale after a property hits the market is between 16-18 weeks.

Our experienced experts can provide you with extensive marketing distribution, stunning professional photography, viewings assistance, and much more to get your property sale moving quickly and correctly.

If you would like further advice about the Stamp Duty Holiday, don’t hesitate to contact your local Anthony Pepe office today:

Harringay – 020 8341 9999
Highbury – 020 7704 2100
Palmers Green – 020 8882 6567
Crouch End – 0208 348 2545
Cockfosters – 0208 440 5000