As the heartbeat of the UK's property market quickens, first-time buyers in Melksham and across…
When the housing market re-opened in May, there was considerable activity. There were many reasons for this heightened level of interest, but many industry experts predicted demand would soon tail off.
However, with the stamp duty holiday in place, demand for homes is likely to be sustained through until next year. The Office for Budget Responsibility, the OBR, has predicted an additional 100,000 homes will be sold in this time.
Of course, there is a deadline for the stamp duty holiday. If you are keen to capitalise on the offer, you must ensure the deal is concluded before the 31st of March 2021.
There are savings to be enjoyed in Melksham
According to Zoopla, the average price paid for property in Melksham in the past 12 months (as of August 2020) is £263,255. This is below the stamp duty holiday threshold, so buyers at this price level will not any stamp duty.
This will result in a saving of £3,162.75 for the buyer, which is a positive outcome for any prospective buyer. As stamp duty charges must be paid soon after concluding the deal, anything which reduces the financial pressure on buyers at this time must be viewed as a bonus.
Vendors should respond to heightened demand
Even though much of the focus on the stamp duty holiday has fallen on the benefit for buyers, it is also positive news for vendors too. With a greater number of buyers looking for homes, property owners should feel more confident about entering the marketplace.
How long does it take to sell a home in Melksham?
According to the home.co.uk website, the average time property in Melksham stays on the market is 146 days. This is 20 weeks, which is around the average time to sell property in the UK.
As of mid-August 2020, there is only around 32 weeks to the scheduled closure of the stamp duty holiday. This might be extended, or made permanent, but it is clear buyers and vendors in this part of the country don’t have time to waste if they wish to capitalise on the stamp duty holiday.
There is leeway associated with this time, but it is important to know things are moving slowly in many industries.
There is an expected delay in the mortgage market. Any property transaction where the buyer must arrange a mortgage is likely to face delays, so incorporate this into your timeline. Also, with social distancing measures in place, it is likely there will be delays in many other aspects of the sales or buying process, so try to allow for as much time as possible.
Calling on a professional saves time
It is possible to speed up the sales process without compromising on the quality of the sale. At Lock & Key, we are pleased to say we have helped vendors connect with buyers, and we look forward to assisting you.
If you are looking to make a move in the Melksham property market, and you would like to speak with local experts, please get in touch. If you would like to arrange a property valuation, contact us and we will set this up for you. You can phone Lock & Key on 01225 707 342 or why not come and visit us at 5 Church Street, Melksham.