With the chancellor announcing that the Stamp Duty Holiday is being extended until September 2021 in the Budget 2021, now is the perfect time to buy – and sell – a property.
SoGlos spoke to the Gloucestershire property experts, Naylor Powell, to find out everything you need to know about the Stamp Duty Holiday extension, as well as some top tips for buyers and sellers.
The highly experienced team at Naylor Powell is led by managing director, James Birt. Having developed a reputation for honesty and professionalism, Naylor Powell has been trusted by homeowners in Gloucestershire since 1982.
It provides sales, lettings and property management services across its five branches in Cheltenham, Gloucester Docks, Hempsted, Newent and Stonehouse.
For more information, visit naylorpowell.com.
This is great news for buyers as no stamp duty will be charged on properties up to £500,000 until the end of June 2021 and up to £250,000 until the end of September 2021. This could save buyers up to £15,000!
Since May 2020, the Gloucestershire property market has been extremely strong and therefore demand for property has been high. Properties have been selling fast and for strong prices. The demand is currently outstripping supply which is leading to some very good prices being achieved for sellers. It is definitely a very good time to sell.
The property market has been strong since it was reopened after the first lockdown. The pent-up demand, stamp duty holiday and change in people’s lifestyles has made the Gloucestershire property market very busy.
Zoopla reported that house prices in the south west increased by 3.7 per cent during 2020 and could rise to plus 5 per cent in 2021. There is a fine balance between achieving the highest value for the vendor and generating maximum demand – over inflating the asking price of a house because demand is high will only have a negative impact on the sale of the property. A good agent will always support their valuation with evidence of sold prices within the local area.
It is a sellers’ market with a lot of properties selling for over the asking price but there are still some properties that are negotiable, depending on the situation of the buyer.
Buyers are looking for more room to live and work so will consider moving out of the city to afford that extra space, therefore, we have seen an increase in buyers moving from the larger cities such as Bristol and London to our region. We had noticed this increase in the demand as soon as the property market re-opened in May 2020 and the stamp duty holiday only added to this.
Our top advice would be not to hang around! Those thinking of moving this summer should start the process as soon as possible, including talking to their local estate agency to find out the value of their existing home and gaining expert mortgage advice, so they know what budget they have before starting the property search. The conveyance process can also take longer than people expect, as solicitors are extremely busy at the moment.
Yes I believe it has. It is always a difficult balance to ensure the market does not become overheated. This feels like it gives the stimulus needed without letting things get out of control.
For more information about Naylor Powell, visit naylorpowell.com.
Wednesday 03 March 2021
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