First-Time Buyers Make Up 28% Of Sales In August & Stamp Duty Holiday Ends

Posted on: 6 October 2021

First-time Buyers Make Up 28% Of Sales in August & Stamp Duty Holiday Ends

Here in August we saw a big increase in the market with first time buyers looking at securing a property.

 

According to NAEAs Propertymark’s August Housing Report across the country 37 per cent of properties that came to the market sold for more than the original asking price. This is and increase from July when 31 per cent or properties sold for more than the asking price. Compare this to August of last year that’s a massive increase of 185%.

 

With hopefully the worst of the pandemic behind us we can look forward and see the market grow at a record pace. The number of sales to first time buyers rose by 28 per cent in August compared to July’s figure of 20 per cent. This is the highest this year and up compared to June 2020. The demand that we are seeing there is an average of 19 buyer for every available property that comes to the market.

 

The demand from house hunters have increased and there is a big demand out there. The average number of applicants that are registering with us has increased with people looking to move to the area and the demand for people looking for a home office and more flexible living is high on peoples search list and we see this to last into next year.

 

What changes when the stamp duty holiday ends?

 

The 30th of September the stamp duty holiday ended in England and Northern Ireland and what will this mean for you?

 

From the 1st of October the stamp duty rates return to normal. If you are buying a main home from the 1st of October 2021, you won’t be paying stamp duty on the property priced at or below £125,000. So if you spend up to £250,000 you will get the first £125,000 tax free but you will pay 2 per cent on the portion above that. There is also several online stamp duty calculators that can help working out the costs. Anything between £250,000 and £925,000 will incur 5% tax, Rising to 10% for anything between £925.001 - £1.5 million. Anything over £1.5 million you will be paying 12 percent.

 

However, if you are a first-time buyer in England and Northern Ireland you wont have to pay any tax on homes priced at or below £300,000. However, you will pay five per cent between on a property, or a portion of a property proved between £300,001 - £500,000

 

If you would like more information, please contact us and we will be more than happy to help where we can.

 

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