Enfield Buyers Benefited From The Stamp Duty Holiday
There is no denying the stamp duty holiday significantly impacted the housing market.
A lot of people took the opportunity to enjoy considerable financial savings when buying a home.
At Atkinson Residential, we have been busy in the market, and we have helped many buyers and vendors connect.
Are you interested in the Enfield housing market?
Towards the end of January 2021, Rightmove said the following about the property market in the London Borough of Enfield;
“Enfield, with an overall average price of £490,919 was cheaper than nearby Haringey (£665,491), Barnet (£723,411) and Islington (£835,302). The priciest area within Enfield was Hadley Wood (£1,268,469) and the least expensive was Enfield Lock (£319,145).”
There is a wide range of property options in Enfield, and hopefully this means there is something for every budget.
With the overall average price of property in the borough falling beneath the stamp duty holiday threshold, it is easy to see why there has been interest in property in the local area. Knowing that you don’t have to pay any stamp duty fees is a great incentive for buyers, and this is something we have experienced.
At Atkinson Residential, we aim to provide buyers, vendors and landlords in Enfield the best standard of support and service.
Recent search confirms the feelings that London buyers enjoyed the most benefit of the stamp duty holiday.
The findings suggest 85% of property transactions since July 8th have been below the £500,000 threshold. This means they are exempt from stamp duty for the duration of the holiday.
Affordability is crucial in the property market
Of course, homes that were affordable enough, or which were bought by first-time buyers would likely have been exempt from stamp duty anyway. The findings indicate there have been stamp duty savings of £190m alone in the capital. 49% of London purchases completed below the £500,000 threshold, meaning no tax was paid.
By contrast, 99.7% of all residential transactions in Sunderland have been stamp duty exempt. This is because the homes were cheap enough to go below the main stamp duty threshold, or they were bought by first-time buyers.
The study found 147,969 transactions which would have been eligible for stamp duty without the holiday, but which were exempt as they concluded after July 8th.
The agency said; “Before the stamp duty holiday, the 147,969 homebuyers would have paid £1.444 billion in stamp duty. Thanks to the reprieve in place, the stamp duty paid equates to £627.467m, a saving of £817.0m.”
Around £5.6m a day have been saved by buyers since the stamp duty holiday was introduced.
If you are looking for guidance or assistance in the Enfield property market, we can help. At Atkinson Residential, we are estate, land and letting agent specialists, and we look forward to assisting you as best we can. If you would like to arrange a property valuation, please call us on 020 8366 0261, while you can contact us on 020 8342 1234 for all letting enquiries.