Published: 14/07/2020The demand for property across Norfolk is at an all-time high. Many of the homes we are asked to sell are in the higher price range and we have seen an unprecedented number of sales since lockdown restrictions eased at the end of May.
The government have announced a temporary holiday on stamp duty on the first £500,000 of all property sales in England and Northern Ireland until March 2021 and this is already having an impact on the whole property market.
The tax threshold has been temporarily raised to further boost the property market and help buyers struggling because of the coronavirus crisis.
Anyone completing on a main residence costing up to £500,000 between 8 July and 31 March will not pay any stamp duty, and more expensive properties will only be taxed on their value above that amount.
This will save buyers as much as £15,000, if they are buying a property of £500,000 or more.
Buy to let and second homes
If you’re thinking about investing some money into property and like the idea of buy to let, we don’t blame you! Demand is at an all time high, rents continue to rise and now stamp duty reforms have made it even more attractive.
Savings in stamp duty allows for bigger deposits and better deals becoming accessible. With the cap at which stamp duty is payable rising to £500,000 and research saying that over 90% of buy to let purchases falling into this bracket, there are some real savings to be made and most investment buyers will benefit.
As an example, if I was going to buy a rental property for £250,000 I would have normally paid 3% on the first £125,000 and 5% on the rest, resulting in £10,000 worth of stamp duty. Whilst landlords still pay the 3% surcharge, the additional 5% up to £500,000 has been removed reducing the stamp duty liability to £7500.
Now is a great time to invest in property and we are here to guide you through every step of the process from financial arrangements to moving tenants into their new home!
Watch managing directors Max Sowerby and Lloyd Sandy discussing the good news and how this will help buyers.
With that in mind, we thought we would show you an example of just some of the properties we have for sale in Holt for up to £500,000…
Holly Cottage, Holt - £425,000
Park Villa, Cromer - £450,000
Warborough, House Kelling - £460,000
35 Albert Street, Holt - £499,999
35a Albert Street, Holt - £499,999
Lagrimone Stibbard - £475,000
Meadow View, Thornage - £500,000
The Old Reading Room, Brinton - £500,000
To see all other properties across Norfolk up to £500,000, please click here.