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Vendors Should Respond To Stamp Duty Opportunity

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Wed 26 Aug 2020

Vendors Should Respond To Stamp Duty Opportunity

A lot of focus on the impact of the stamp duty change falls on buyers, but vendors should also consider the impact of the stamp duty change. It is likely there will be an increased number of buyers looking for property, and this provides vendors with an enhanced chance to sell their home.

If you would like to take advantage of this opportunity, it is best to act sooner rather than later. At Coakley & Theaker, we are pleased to say we have helped many local vendors connect with buyers. If you want to understand the reasons why you should be proactive sooner rather than later in the housing market, and you want tips to sell your home fast, we can assist you.

Key points of stamp duty changes

The key points of the stamp duty holiday, implemented by the Chancellor of the Exchequer on 8th July, 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

Naturally, most of the focus has fallen on buyers, and how they are helped by this measure. Of course, buyers and vendors are connected, and good news for buyers can be of benefit to vendors.

With homeowners feeling confident about the number of prospective buyers looking for property, more people will be inclined to place their house on the market. Equally, if a homeowner feels they can afford their next move, they will commit to the moving process.

Buyers are looking for property

Mark Hayward is the Chief Executive of NAEA Propertymark and he said; “With housing market activity picking back up this summer after a two-month hiatus, it’s more important than ever to go the extra mile and take every possible measure to help your property stand out. If you are looking to sell your home this summer, turn to your local NAEA Propertymark estate agent to guide you in the right direction and help you ensure all new safety measures are complied with, to increase your chances of a speedy sale.”

NAEA Propertymark has also issued the following tips to help vendors connect with buyers when selling their home this summer and autumn:

·         Ensure your home is up to date with safety features and measures

·         If you have a pet at home, make sure all nasty pet odours are removed before welcoming likely buyers

·         Make sure all DIY repair work is taken care of

·         Make the condition of your windows a priority when improving your home

·         Opt for a neutral décor, keeping decorations simple so as to provide prospective buyers with a blank slate

·         Spend some time in the garden creating a favourable and welcoming style

Each home will have its own issue to consider, but using these tips as a starting point will help you connect with likely buyers. If you want tailored guidance on what your home needs to impress buyers, we can help.

At Coakley & Theaker, we aim to support the local community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.