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Demand for Plymouth homes still high despite stamp duty changes

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The end of the Stamp Duty Land Tax (SDLT) holiday has done nothing to halt house-hunters’ demand for quality homes in Plymouth.

Estate agents in Plymouth have reported record sales in the last 12 months.

More than a million people have saved money on buying a property since the holiday was announced last July.

During that time, first-time buyers and movers paid no stamp duty on homes priced at or below £500,000.

But as of July 1st, that SDLT threshold has lowered to £250,000 until the end of September.

Then, from October 1st, it will return to £125,000.

Stamp Duty

How has the end of the stamp duty holiday affected property demand?

Even with the higher threshold in effect, now is still a great time if you’re thinking about selling your home or buying a new one.

Zoopla estimates that 1.5 million property sales will take place this year, making 2021 the busiest market since 2007.

And new research indicates the vast majority of sales will continue even if buyers missed the June stamp duty deadline or fail to meet the next deadline in September.

Meanwhile, only 4% of buyers said they would abandon their plans to purchase. And 25% said they would try to renegotiate the price with the seller.

Paul Preen, Managing Director of Lang Town & Country, says: “Even with changes to stamp duty, house-hunters still won’t pay anything up to £250,000 before the end of September. This still represents a £2,500 saving.

“And first-time buyers still don’t have to pay anything up to £300,000 so these changes will not really affect them.”

A huge rise in demand for quality homes

Right across the country, newly-listed properties are flying off the shelves.

The latest subscriber poll from Dataloft shows the majority (78%) of agents said that homes, once listed, are selling in less than 28 days.

Zoopla also reports that the number of homes selling within the first week of marketing is currently at its highest ever level.

Here in Plymouth, that figure reflects the increase in activity in the housing market – in the city centre and surrounding areas.

James Clarke, Director of our Land & New Homes team, says: “As we are now in the summer months, these are traditionally good months for new properties coming to the market because property tends to look its best with gardens in full bloom.

“The stamp study holiday has certainly helped the market. But our opinion is that this is not the only factor, particularly in the family home market.

“We are seeing this already with the number of buyers still registering looking for their next home.

“There is such a shortage of supply of new homes coming to the market. It makes this a real sellers’ marketplace.

“We are increasingly being asked by vendors, how they can speed up the transaction of the sale of their home? This has a larger focus when you have fixed deadlines, like a stamp duty holiday.”

Sharp rise in South West house prices

A steep rise in demand for quality homes across the UK has helped to drive up property prices.

Rightmove reports the national average asking price of a home in the South West has increased by over £28,000 since July 2020. That is a rise of nearly nine per cent.

And the number of Plymouth homes selling for above asking price is also at a record high.

Paul Preen adds: “The figures have changed significantly, and you may now be able to achieve more for your property. This means you could afford to spend more on your next home.

“We’re still seeing really strong demand, not just from out-of-area purchasers but also local buyers.

“If you haven’t had your property valued in the last 12 months, get in touch for a free valuation.

How do I get in touch with Lang Town & Country?

Please do contact us and we’ll be more than happy to offer advice and a free valuation of your home.

Plymouth Sales – 01752 256000 / Property@langtownandcountry.com

Plymstock Sales – 01752 456000 / Plymstockoffice@langtownandcountry.com

Waterside Office – 01752 200909 / Waterside@langtownandcountry.com

Lettings – 01752 201010 / enquiries@langtownandcountry.com

Land & New Homes – 01752 278499 / newhomes@langtownandcountry.com

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