22 Jul Is now a good time to move house?
This is a question that we receive on a regular basis, with people somewhat tentative about house prices and the safety and speed of actually moving.
At Glenn Flegg & Company, the last few weeks have proved that between now and the end of the year is likely to be an excellent time to move home! We have carried out a ton of Market Appraisals and have already assisted many Vendors to put their properties up for sale with us since the lockdown, so we have a really good supply of new stock! We are also seeing a huge swell in people preparing to bring their property to market. Furthermore, our busy phones and high-volume of enquiries from the 3-largest UK Portals, is proving that demand is still at similar levels to those pre-lock down.
We believe that the Government’s plan to boost the UK economy through reopening of the property market seems to be working.
So why is it a good time to move? Well there are a couple of reasons…
Stamp Duty Holiday
Last week the Chancellor announced that the Stamp Duty thresholds will change with immediate effect. This now means that buyers will only start to pay stamp duty on property above £500,000, the threshold was previously £125,000.
This is great news for people looking to move home or get onto the property ladder and has been devised to help those undecided about their living arrangements to make positive steps to getting a move done. Stamp Duty has been such a significant bill in recent times that it has been detrimental to moving home, with many people claiming that they missed out on their ideal home because of the extra cost.
With people spending an awful lot of time at home during lockdown, we have seen that many have realised that they are in need of a more appropriately sized property and so those who were thinking of moving have been spurred into action by these new measures and the huge savings.
The new measures apply to anyone buying their first home, investors or moving up or down the housing ladder. There will, however, be a 3% stamp duty surcharge on top of the new holiday rates, for people buying additional homes and will still have a 3% stamp duty bill on the first £500,000 of the property.
How much stamp duty could buyers save?
FIRST TIME BUYERS
| House value (First Time Buyer) |
Previous Stamp
Duty Bill |
Revised Stamp
Duty Bill |
Stamp Duty
Saving |
| £150k – £200k | £0 | £0 | £0 |
| £200k – £250k | £0 | £0 | £0 |
| £250k – £300k | £0 | £0 | £0 |
| £300k – £350k | £0 – £2.5k | £0 | £0 – £2.5k |
| £350k – £400k | £2.5k – £5k | £0 | £2.5k – £5k |
| £400k – £450k | £5k – £7.5k | £0 | £5k – £7.5k |
| £450k – £500k | £7.5k – £10k | £0 | £7.5k – £10k |
| £500k – £925k | £10k – £36.3k | £0 – 21.3k | £15k |
| £925k – £1.5m | £36.3k – £93.8k | £21.3 – £78.8k | £15k |
NEXT HOME BUYERS
| House value (First Time Buyer) |
Previous Stamp
Duty Bill |
Revised Stamp
Duty Bill |
Stamp Duty
Saving |
| £150k – £200k | £0.5k – £1.5k | £0 | £0.5k – £1.5k |
| £200k – £250k | £1.5k – £2.5k | £0 | £1.5k – £2.5k |
| £250k – £300k | £2.5k – £5k | £0 | £2.5k – £5k |
| £300k – £350k | £5k – £7.5k | £0 | £5k – £7.5k |
| £350k – £400k | £7.5k – £10k | £0 | £7.5k – £10k |
| £400k – £450k | £10k – £12.5k | £0 | £10k – £12.5k |
| £450k – £500k | £12.5k – £15k | £0 | £12.5k – £15k |
| £500k – £925k | £15k – £36.3k | £0 – £21.3k | £15k |
| £925k – £1.5m | £36.3k – £93.8k | £21.3k – £78.8k | £15k |
INVESTORS & SECOND HOME BUYERS
| House value (First Time Buyer) |
Previous Stamp
Duty Bill |
Revised Stamp
Duty Bill |
Stamp Duty
Saving |
| £150k – £200k | £5k – £7k | £4.5k – £6k | £0.5k – £1.5k |
| £200k – £250k | £7k – £10k | £6k – £7.5k | £1.5k – £2.5k |
| £250k – £300k | £10k – £14k | £7.5k – £9k | £2.5k – £5k |
| £300k – £350k | £14k – £18k | £9k – £10.5k | £5k – £7.5k |
| £350k – £400k | £18k – £22k | £10.5k – £12k | £7.5k – £10k |
| £400k – £450k | £22k – £26k | £12k – £13.5k | £10k – £12.5k |
| £450k – £500k | £26k – £30k | £13.5 – £15k | £12.5k – £15k |
| £500k – £925k | £30k – £64k | £15k – £49k | £15k |
| £925k – £1.5m | £64k – £138.8k | £49k – £123.8k | £15k |
Mortgage Rates
With difficult times ahead, we have seen a shift in the mortgage market. Although there are fewer mortgage products available at the moment, there are still some excellent deals to be had if you qualify. Many building societies are still lending to those with small deposits, but make sure you shop around.
There are a number of good mortgage products available for those with larger percentage deposits, so if you have savings or equity in your existing property, this could be the answer. As always you need to do your research and we highly recommend you speak to our mortgage advisor Nazcot Mortgages who will be able to help you take advantage of this prime time to buy.
Get in Touch
With so many new online agents springing up, it has never been more important to only deal with qualified and indemnified agents, look out for NAEA and ARLA accredited logos so that you know they have the skills, knowledge and experience to do the very best for you and your property.
As always, if you are looking for properties for sale in Langley, Slough and the surrounding areas; make sure you get in touch with one of our branches.
Burnham Sales: 01628 666 666
Langley Sales: 01753 546 655
Slough Sales: 01753 811 789
Alternatively send us an email.
You can also follow us on Facebook, Twitter and LinkedIn.
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