This year we have been forced to put pretty much everything on hold, but thankfully you can still achieve your dreams of selling your current property and buying your desired home.
Maybe lockdown has made you fall out of love with your current home, are you finding yourself thinking you could do with more space for a home office or a gym? We have put together some useful information on why now a good time is to sell your property.
Current Housing Market
UK house prices rose at the fastest annual rate in more than four years in October. Mortgage lender Halifax said in the October the average price of a home topped £250,000 for the first time, with prices up 7.5% compared to last year’s house prices. This was the strongest rate of annual growth since June 2016.
The demand for bigger properties has also increased, as more and more people are looking for bigger space for home offices, gyms, gardens etc. Many are reconsidering their lifestyles and are moving from built up areas to more rural homes during the pandemic.
The biggest benefit of rising house prices for homeowners is that they can take equity withdrawal from the increased value of their home, by re-mortgaging their property and releasing some of the housing equity, meaning smaller mortgage payments each month and they can knock a few years off their mortgage too.
Stamp Duty Holiday
The Chancellor, Rishi Sunak, announced in July 2020 temporarily loosened the rules on Stamp Duty Land Tax, which meant that homebuyers wouldn’t need to pay stamp duty on properties up to the value of £500,00 until the end of March 2021.
In effect this could save the average homebuyer £2,000. This is a bid to boost the housing market from the shock from the Covid-19 property freeze.
What is Stamp Duty?
Stamp Duty Land Tax is a tax paid by homebuyers that are purchasing in England and northern Ireland, or the corresponding tax in Scotland and Wales. It is typically charged on any properties that are valued over £125,000 and at different rates starting at 2%. First-time buyers generally benefit from exemptions. The changes to the stamp duty tax will only apply to buyers in England and Northern Ireland.
How PLG Can Help
We’re here to help you manage the sale of your property and make sure the entire process is as easy and as stress free as possible. We cover everything from Probate, Court of Protection, Matrimonial, Part Exchange, Assisted Move and Residential property matters.
We have experts on hand to help you every step of the way, our main aim is to sell your current property for the best possible price in a timescale that suits you. With our friendly and approachable team, you can rest assured you’ll be in the most capable hands.
We can save you time and money, by working on a no-sale, no-fee basis you remain in complete control, whilst we carry out all the work for you! Contact us today to find out more, call 0330 124 7434 or email us email@example.com