Now Is The Perfect Time To Sell Your Home
(Posted on 04/11/20)
With another lockdown period in place, many households have additional time on their hands. A November lockdown is less appealing than a spring lockdown, so it is likely you will want to spend more time indoors.
This could give you the opportunity to declutter your home, and make it more appealing. From there, it is inevitable that some homeowners will consider selling their home.
There are strong reasons why you should consider this process during the lockdown:
- The housing market remains open during the lockdown
- The stamp duty holiday deadline is still scheduled for March 31st 2021
These two factors provide the impetus to sell, and ability to sell, and if you are looking for assistance in the housing market, Ashton & Grosvenor is here to help.
We offer free property valuation services, so if you are looking to enter the housing market soon, please contact us and we will be more than happy to assist you.
Don’t waste time
The March 31st 2021 deadline might seem like a long time, but in terms of a house move, you should act sooner rather than later.
Due to the heightened demand in the housing market, and the pressures placed on professional due to COVID regulations, delays are occurring in progressing property transactions. Therefore, if you want to avoid the risk of the deal concluding after the stamp duty holiday concludes, it is best to act sooner rather than later.
Will the stamp duty holiday be extended?
While there is hope the stamp duty holiday will be extended, this is by no means guaranteed. However, leading names in the property market have signed an open letter calling for an extension.
Signatories of the letter include:
- British Association of Removers
- NAEA Propertymark
- The Guild of Property Professionals
- Residential Property Surveyors Association
- Conveyancing Association
- Society of Licenced Conveyancers
- Kate Faulkner
- House Buying and Selling Group
The letter details the significant pressure placed on the housing market because of the holiday, and how the industry is already feeling under the strain as of late October 2020.
The letter reads; “Operational constraints in all areas of the home buying industry caused by the disruption brought about by Covid-19 and the current advice to work at home where possible, have seen average property transaction times lengthen from 12 weeks to 20 weeks. We are concerned that consumers continue to offer on properties expecting to benefit from the SDLT rate reduction but in reality they may be too late.”
Some parties have called for the stamp duty holiday to be extended to September 2021, which would be an extension of six months. There have also been calls for the holiday to feature a tapering off process, which would avoid the “cliff edge” many fear.
NAEA Propertymark is calling for assistance
NAEA Propertymark chief executive Mark Hayward is one of the signatories on the letter sent to the Chancellor, but he has also released his own letter on the subject.
Mark said; “The joint letter sent to the Chancellor today is an important step in protecting those in the process of buying or selling a house that might miss out on the 31st March stamp duty deadline because of increased pressure on service providers within the industry, which is causing delays for buyers and sellers in the sector.”
Mark Hayward continued by saying; “The boom, caused by the stamp duty holiday, has been hugely beneficial for the housing market; however, the stamp duty cliff edge on March 31 could cause thousands of sales to fall at the final hurdle and have a knock on and drastic effect on the market which has recovered well from the Covid slump.”
Mark Hayward from NAEA Propertymark concluded by saying; “We are calling on government to rethink these timings, so pressure on the system can be released to allow transactions to complete and avoid a disorderly and distressing period for movers and businesses throughout the market.”
We offer a range of sales services to vendors in Chester, including tailored options which ensure you receive the best support at all times. If you would like to arrange an appointment to help you negotiate the local market, please contact Ashton & Grosvenor today by calling us on 01244 318 115 or emailing us at firstname.lastname@example.org.