There is no denying many people and households have been encouraged to consider moving home thanks to the stamp duty holiday. With more buyers interested in property, vendors should feel more confident about placing their home on the local market.
At The Good Estate Agent, we are pleased to say we have assisted many local vendors and buyers in recent weeks. If you have any questions regarding the impact of the stamp duty holiday deadline on the Peterborough housing market, we are here to help.
There are savings to be enjoyed in Peterborough
According to Zoopla, the average price paid for property in Peterborough in the past 12 months (as of August 2020) is £228,893. As this price is below the stamp duty holiday threshold, buyers at this price will not have to pay a stamp duty fee.
Buying property at this price, while the stamp duty holiday is in effect, provides the buyer with a saving of more than £2,000. Given the cost of buying property, a lot of which must be paid up front, most buyers will be glad of any saving which reduces the financial impact on them at the time of buying property.
How long does it take to sell a home in Peterborough?
According to the home.co.uk website, the average time property in Peterborough stays on the market is 174 days. This is almost 25 weeks, which is at the higher end of what the length of time expected in the UK market.
As of mid-August 2020, there is only around 32 weeks to the scheduled closure of the stamp duty holiday. Taking the two time-periods together indicates there is more than enough time to conclude deals before the stamp duty deadline, but buyers and vendors should be wary of delays.
Of course, the impact of the COVID-19 pandemic is causing many industries to move at a slower rate. As an example, many mortgage lenders are taking longer to complete the mortgage process, which immediately adds time to the house buying process.
However, it is possible to speed up the process without compromising on quality by calling on the services of a skilled and experienced local agent. At The Good Estate Agent, we are here to help.
Industry leaders believe the stamp duty holiday will boost sales
Rightmove’s property expert Miles Shipside said: “This move will help to keep the nation and wider economy moving because keeping the current momentum going will help prevent destabilising falls in property prices as unemployment grows, and enable a quicker economic recovery.”
Miles continued by saying; “Lockdown prevented 175,000 would be sellers from coming to market so we hope this Stamp Duty holiday will provide the spur for those missing movers to come to market.”
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.