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 The Good Estate Agent, we are keen to assist you make an informed decision in the housing market. If you would like any guidance, please contact us today. We can offer you a free valuation if you plan on selling your home.

Peterborough property and the stamp duty holiday

Taking the average property prices provided by Zoopla, we look at the average price for properties in Peterborough in the past 12 months.

  • Average price paid for property in Peterborough in past 12 months: £230,883
  • Average price paid for flats in Peterborough: £112,110
  • Average price paid for terraced properties in Peterborough: £168,011
  • Average price paid for semi-detached properties in Peterborough: £202,915
  • Average price paid for detached properties in Peterborough: £312,111

The figures below represent the former stamp duty that would have been paid at the average price, and this figure represents the saving on offer to people buying a home (not their first home or a buy-to-let property).

  • Former average stamp duty for property in Peterborough in past 12 months: £2,117
  • Former average stamp duty for flats in Peterborough: £0
  • Former average stamp duty for terraced properties in Peterborough: £860
  • Former average stamp duty for semi-detached properties in Peterborough: £1,558
  • Former average stamp duty for detached properties in Peterborough: £5,605

Considering the expense of buying property, any saving is welcome, and buyers in Peterborough have the chance to lower some of the total cost of buying a home if they purchase during the stamp duty holiday.

Industry experts support the stamp duty holiday

Miles Shipside is the Housing Market analyst for Rightmove, and he said; “Buyers in higher-priced areas with bigger deposits would benefit most if the Stamp Duty threshold was raised to £500,000.”

Miles continued by saying; “There’s currently record housing demand but the market also needs the ability for lenders to extend the availability of low deposit mortgages, vital to healthy first-time buyer volumes that help drive the rest of the market. A Stamp Duty holiday without better mortgage availability isn’t really helpful for hard-pressed potential first-time buyers who are already mainly exempt from it anyway.”

Jeremy Leaf is a former RICS residential chairman, and he said; “The stamp duty holiday has been well trailed but is welcome not the less. The most pleasing aspect is that it is due to start immediately because if it had been delayed it would have had a negative impact on the market until it was introduced. “

Whatever your circumstances are, or what move you would like to make next; we are here for you. The Good Estate Agent prides itself on offering the best standard of service to our clients, and we work hard to help you achieve your property goals. If you would like to arrange an appointment or get more details on how we can help you sell your home, contact us today online or by calling us on 0330 223 0670.