07 September 2020

When to Sell in the Retford Area? – Stamp Duty Holiday Deadline

 


There is no denying many people and households have been encouraged to consider moving home thanks to the stamp duty holiday. With more buyers interested in property, sellers should feel more confident about placing their home on the local market.

The average price paid for property in the Retford area (DN22 Postcode) in the past 12 months is £285,046. As this price is below the stamp duty holiday threshold, buyers at this price will not have to pay a stamp duty fee.

The average selling prices for different property sizes in the area are:

One Bedroom   = £121,633

Two Bedroom   = £160,674

Three Bedroom = £225,267

Four Bedroom   = £366,551

Five Bedroom   = £493,368

Buying property at these prices, while the stamp duty holiday is in effect, provides the buyer with a saving of more than £4,000. Given the cost of buying property, a lot of which must be paid up front, most buyers will be glad of any saving which reduces the financial impact on them at the time of buying property.

How long does it take to sell a home in Retford?

According to reliable data the average (median) time property in the Retford area stays on the market is 90 days. This is almost 13 weeks, which is at the lower end of  the length of time expected on the overall UK market.

As at today, there is only 29 weeks to the scheduled closure of the stamp duty holiday. Taking the two time-periods together indicates there is more than enough time to conclude deals before the stamp duty deadline, but buyers and vendors should be wary of delays.

Of course, the impact of the COVID-19 pandemic is causing many industries to move at a slower rate. As an example, many mortgage lenders are taking longer to complete the mortgage process, which immediately adds time to the house buying process.

However, it is possible to speed up the process without compromising on quality by calling on the services of a skilled and experienced local agent. The Good Estate Agent – North Nottinghamshire is here to help.

Industry leaders believe the stamp duty holiday will boost sales

Property portal Rightmove expert Miles Shipside said: “This move will help to keep the nation and wider economy moving because keeping the current momentum going will help prevent destabilising falls in property prices as unemployment grows, and enable a quicker economic recovery.”

Miles continued by saying; “Lockdown prevented 175,000 would be sellers from coming to market so we hope this Stamp Duty holiday will provide the spur for those missing movers to come to market.”

Whatever your circumstances are, or what move you would like to make next; I’m here for you. If you would like to arrange an appointment or get more details on how I can help you sell your home, contact me today online or call me on 01777 237310 or message me on 07981 744003

Gerald Bowers

The Good Estate Agent – North Nottinghamshire.

geraldbowers@thegoodea.co.uk

Follow me on Facebook:
https://www.facebook.com/thegoodestateagentnorthnottinghamshire


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