Property viewings up almost 30% in July following Government stamp duty holiday announcement
Data published during August by Andrews, the south of England property group, shows instructions and viewings were up substantially in July 2020, as the stamp duty holiday announced by the Government early in the month gave the market a welcome shot in the arm.
Estate agency Yopa commissioned a survey of 2,000 people across the UK recently to gain some insight into how our relationships with our homes, families and communities have altered as a result of lockdown.
Chancellor scraps Stamp Duty on all homes under £500,000 with immediate effect
In a temporary measure to help boost the property market amidst the coronavirus pandemic, Chancellor of the Exchequer, Rishi Sunak, has raised the the threshold for stamp duty on the first £ 500,000 on all property sales in England and Northern Ireland.
Introduced as part of his recent Summer Statement, this new initiative will start with immediate effect (from July 8th), and runs until next 31 March 2021. Prior to this policy being announced, homebuyers would start paying stamp duty in England and Northern Ireland on property from £125,000, or £300,000 for first-time buyers (if buying a property worth less than £500,000). This will save buyers as much as £15,000, if they are buying a property of £500,000 or more.
Property sales are up by 20% and average asking prices rose by £10,000* in the four weeks following the government’s decision to cut stamp duty for all house purchases under £500,000*. If you are looking to move in the coming months, have you thought of using a styling service to help you get the best price for your property?
Did you know prospective buyers make a decision about your house within the first 10 seconds of stepping through your front door so making a good first impression is vital. A few simple changes to your home can help speed up the sales process and boost the value of your property.