August is here and it’s almost 1 month since the chancellor announced the stamp duty holiday. We’ve already reported that sales levels were on par with 2019, however, a notable increase is the number of valuation we have been carrying out. There are up by almost 40% when you compare July (year on year)
Many people put their plans on hold in 2018/2019 because of Brexit. Then 2020 brought Covid-19. Plans were forced back on hold. The chancellor’s stamp duty holiday, however, made many people think. It has been seen as a chance to move. Some people see it as a gift towards a larger deposit. Others who were thinking of moving next year, are seeing is a great opportunity to bring plans forward.
The big question though we are getting asked is WHEN should we list our home for sale. Should we wait in case there is a 2nd wave? Will property prices change as the economy changes?
They are all great questions. However, if you want to take advantage of the saving, please put your home up for sale soon. Right now the market is NORMAL – HOT depending where in Lancaster and Morecambe who live, and the price range of your home. This means your property sale should take between 10-17 weeks to complete from the first day of marketing to the day you move. However there is a delay with mortgages and surveyors due to Covid-19, so this could take even longer.
Should the market start to cool, the average sale then takes up to 25 weeks. We only have 35 weeks until the stamp duty holiday ends. If your sale has not completed by then, you will lose out.
So – in a nutshell. If you want to make sure you are taking advantage of the stamp duty holiday, make sure your home is listed for sale by mid-October at the latest! An ideally sooner than that!
Thinking of moving? Think JDG. We are here to help get you moved for the best possible price. Call us on 01524 843322 or email me at email@example.com