04 Aug Darlington Housing Market – Stamp Duty Holiday Impact
At Anthony Jones, we like to think we are in a position to assist anyone looking to move in the housing market. We are Darlington housing market specialists, and we are keen to assist you as best we can, and if you need assistance in determining what impact, if any, the stamp duty holiday has on you, we are more than happy to assist you.
How does the stamp duty holiday impact the Darlington market?
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
As of July 2020, Zoopla lists the average price of property in Darlington as £161,244. Previously, a home buyer in Darlington at the average price of property would have paid stamp duty on their purchase, but now, they don’t need to.
Even the average price of detached properties in Darlington, £262,068, falls below the new threshold, which means all buyers in the local area don’t need to worry about paying stamp duty.
While a deadline of 31st March 2021 seems like a long way away, it should be remembered property deals often take a long time to arrange. There are often delays, and if there is an increase in property transactions, and professionals in the industry have more work to do, the time taken for deals to conclude is longer.
Therefore, if you plan on selling your home in line with the stamp duty measures, it is better to act sooner rather than later. At Anthony Jones, we are pleased to say we are here to assist you with any move in the local market, so contact us for more details on the sales process.
Industry names think it is best to act quickly
Marc von Grundherr, a leading name in the property industry, said; “Breaking down the current property stock available on the market really gives us a good idea as to just how many people are due to benefit from the changes to stamp duty announced last week. The figures show that the vast majority of homebuyers will be better off as a result.”
Marc continued by saying; “However, there is a chance that savvy home sellers who may have seen the value of their property slump due to the recent pandemic will now increase their asking price by that little bit extra. Our advice to homebuyers would be to know your market, stick to your guns when making an offer, and keep your stamp duty saving in your back pocket. You can use it as a bargaining chip should you need it further down the line when negotiating, but don’t be forced to over offer straight away.”
No matter what move you are keen to make in the housing market, we are here to assist you, so please get in touch.
If you are looking for help with any matter of the Darlington property market, it is best to speak to property professionals. No one knows for sure what is going to happen next, so we won’t claim to have all the answers, but the Anthony Jones team is keen to help you as best we can. If you would like to contact us over housing matters, please call us today on 01325 776424.