The recent stamp duty land tax (SDLT) holiday has helped many home buyers across the country save thousands of pounds and people have been scrambling to get their property on the market before the holiday ends in the hope that somebody will snap it up.
For those who need refamilarising with what SDLT is, under normal circumstances it is a tax that is applicable on the purchase of property or land above £125,000 (for residential property). However, the recent SDLT holiday set a new zero-rate threshold of £500,000 below which no stamp duty is payable up to and including 30 June 2021. To ensure a smooth transition back to normal rates, the initial stamp duty threshold will reduce to £250,000 from July through to the end of September.
So, what can you do to boost your chances of finding a buyer for your home before the stamp duty holiday ends? Well, we’ve identified the five best ways to help you do just that:
1. Get the photos right – Get your creative juices flowing for the photoshoot and don’t be afraid to stage certain rooms – even a bunch of flowers can make a real difference. It’s also important to make your house as presentable as possible both inside and out so clear as much clutter as you can before any photos are taken to make rooms look organised and spacious. Most home movers using online websites such as Zoopla or Rightmove won’t even consider a viewing if the house isn’t catching their eye.
2. Get the price right – Despite record interest from buyers, many are still ‘price sensitive’ and won’t be willing to pay more than they have to. With such a short window of opportunity before the stamp duty holiday ends don’t miss it by being too optimistic with your price. Aim to get at least three valuations and don’t let estate agents butter you up with a high price to get your property on their books and then lock you in with a lengthy contract as you might miss the boat.
3. Get the styling right – A lot of buyers don’t have the capacity to walk into an empty house and envision what it will look like completely furnished, so do it for them. Furniture can easily be rented if you are serious about selling. Show buyers exactly what their potential home could look like, even style the garden with as much care as you would inside the house. Remember, when viewing your house most people are trying to imagine themselves living there so you are selling a lifestyle as much as the property itself.
4. Get the agent right – You need an estate agent with a contagiously positive attitude as well as fantastic local knowledge, if your prospective buyer doesn’t find your estate agent helpful they are less likely to move forward with the purchase. Never use more than two agents otherwise it looks desperate in any market and read the contract terms closely to ensure you know exactly what commission you’ll be paying – especially if you are on with more than one agent.
5. Get the viewings right – with time being of the essence, make sure you don’t delay viewings until you’ve done certain things to the house. Spend a weekend making a real effort to make the place look presentable but then aim to get the house photographed and online as soon as you can. You have a great excuse with the stamp duty holiday window if things aren’t quite as you want them and buyers will be just as keen to secure a new home to save on stamp duty as you will be to sell.
One final point worth remembering: first time buyers will still be able enjoy a zero-rate £500,000 threshold even after the new SDLT holiday reaches its deadline at the end of June 2021.
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PLEASE NOTE: Article written 30th March 2021. Information contained within this article is likely to change and therefore should not be relied upon or form part of any form of decision making without seeking professional advice. *
YOUR HOME MAY BE REPOSSESSED IF YOU DON’T KEEP UP REPAYMENTS ON YOUR MORTGAGE
Any guidance and/or advice contained within this document is subject to the UK regulatory regime and is therefore restricted to consumers based in the UK. Any technical or regulatory information contained within this document was correct at the time of producing it but as it may be subject to change it should not be exclusively relied upon when making a financial decision. The Financial Conduct Authority does not regulate advice on Buy to Let mortgages.
Article written: March 2021 060121 MZ000186
