What will happen to the property market in 2022? Predicting what will happen to the…
If you are thinking about selling your house and need an estate agent in Hitchin, then Wellington Evans are here to help. The current stamp duty savings can be leveraged to generate more interest around your property sale.
If you are considering selling your home in today’s market you need to make sure you have all the tools needed for a successful sale. Probably the most important tool is to work with an experienced local estate agent. The estate agent you choose will need to understand every aspect in the sales process to achieve the very best prices as quickly as possible. One of the most important factors to consider is how best to market your property to gain the most interest.
With this in mind, the current stamp duty freeze will be an ideal marketing factor to consider. It can highlight the savings that can be made for your potential buyer or for you when you move. Back in September 2022 the government announced that they were making cuts to stamp duty to make buying a home more affordable.
The rates currently set mean that purchases of up to £425,000 will attract 0% stamp duty. And purchases between £425,000 to £625,000 incurring only 5% stamp duty.
Stamp duty on houses in Hitchin
The examples below show how this equates to the savings that will be made on a typical sale of house in Hitchin.
The following is an example of the saving that can be made, using a house that we recently sold for one of our clients. If they had sold with the previous stamp duty rates, a first-time buyer paying the asking prices price of £450,000 would have expected to pay £7,500 in Stamp Duty. However, under the Stamp Duty freeze, the amount they would expect to pay has reduced to just £1,250.
This next example highlights that a house for sale at £325,000 will attract no stamp duty payment at all.
As an experienced estate agent in Hitchin, we understand that there are multiple factors that will need to be considered and addressed during the sales process. We ensure that we showcase your property to the market utilising the key selling points. Currently, the key selling points include the stamp duty rates and stamp duty savings.
Use the governments handy Stamp Duty Calculator.
If you are considering selling your property, then give either James or Nick a call on 01462 229 555. We will help support and guide you through to a success house sale.