It’s been over a year since the Chancellor George Osborne introduced a reform to the stamp duty tax system, hasn’t time flown!
These changes have impacted the property industry massively. So much so that over 87% of estate agents polled by My Home Move said that this was a good move for the property industry.
In the past year, homeowners have saved £1.9bn from the stamp duty tax changes - an average saving of £1,500 per every home purchase, according to My Home Move's calculations.
This opportunity for buyers to save money will have encouraged more people to go ahead and purchase homes over the past year as they are no longer being held back by the older, structured system.
The stamp duty changes are likely to have particularly encouraged first and second-time buyers, giving them a much needed helping hand on the housing ladder.
Back in December 2014 the reform was implemented; whereby the old 'slab' system of stamp duty was abolished, and a new progressive structure was introduced.
Under the new system there will be no stamp duty paid on any property purchase under £125,000, on purchases from £125,001 to £250,000 it will be 2% and so forth. These changes mean that anyone purchasing a property under £937,500 will save money.
The prospect of saving money really has encouraged an influx of buyers looking to purchase property under £937,500. This is great news for those selling property in Essex and Kent, where estate and letting agents Balgores Property Group operate.
In these locations, the average property price stands at around the £310,000 mark, and therefore buyers are likely to have financially benefited from the changes.
The stamp duty tax system got a further shake up last month too, when the Chancellor announced that second home buyers and buy-to-let investors are to pay an extra 3% on top of other tax payments.
As these changes don't come into play until April 2016, the housing market is predicted to see a large increase in these specific buyers looking to get their property purchase done and dusted by April.
Wise sellers should be aware of these changes and capitalise on the increasing demand. Not only is December a month where demand for property increases, (you only have to have a glance at the Rightmove figures over last year's Christmas and New Year period to see the amount of interested buyers), but now it will also be a peak time for buy-to-let investors and second home buyers.
If you have a property that you are considering placing on the market in any of the Essex or Kent locations that we sell property in, such as Brentwood, Chelmsford, South Woodham Ferrers, Basildon, Romford, Hornchurch, Upminster and Gravesend, then now could be the perfect time to sell your home for the best price possible.
Here at Balgores Property Group we market your property to its fullest potential, ensuring it attracts the attention it deserves. We have a range of client testimonials to show how our professional, transparent service helps you to achieve the best possible price for your home.
Get in touch with the property experts today for further tips and advice, or alternatively, we also offer potential sellers free instant online property valuations too.
