Within days of the Chancellors announcement on Zero Stamp Duty for properties up to £500k – requests for Sales Valuations in our Greater London Properties Sales Department almost doubled.
Why & What Does This Change Mean For You?
Anyone purchasing a main home before 31st March 2021 for up to £500,000 will now pay NO stamp duty. Plus, those spending above £500,000 will only pay tax on the amount over £500,000, equivalent to a saving of £15,000. These changes are effective immediately.
For instance, if you are buying your main home at a price of £750,000 you will now only pay £12,500 and not £27,500 as you would have done previously.
This instantly makes your property more attractive to buyers as they are being taxed less at any price point – they suddenly have more budget to spend on either home improvements or buying a property that previously perhaps wasn’t in their budget.
This, alongside a low interest rate (meaning mortgages are cheaper than ever), means you suddenly get more buyers in the market searching for properties.
At Greater London Properties our marketing team regularly put together surveys capturing our applicants motives for buying. Currently 45% of applicants are wanting to purchase a home with a ‘walk to work’ commute, whilst before they may have been looking at properties in the London suburbs, suddenly Central London has become slightly more attainable and the walking commute is highly attractive. 38% of our applicants were looking to upsize to a larger property (ideally with outside space) and 22% wanted a pied-a-terre, second home, as they move their main residence out of London.
Covid19 has and will bring around many changes in personal circumstances, life choices and working habits which means the housing market will certainly be impacted with more people moving and potentially looking at a new chapter in their lives.
For all the reasons above, it’s a great time to know the value of your home. Our sales team at Greater London Properties are currently offering 3 types of Valuations, all these can be found on our
website here.
All our Property Valuations and Viewings follow the strict Covid19 Guidelines.
If you already know the value of your home and you would like to see how much it would cost your buyer in Stamp Duty – feel free to use our
Stamp Duty Calculator.
If you have any questions about Stamp Duty, your Property Value or anything else, please do get in touch with a member of our
Greater London Properties Team, we would be delighted to help.
Rob Hill,
Director