Updated: Jul 9, 2020
Rishi Sunak, Chancellor of the Exchequer has immediately scrapped stamp duty on English and Northern Irish homes selling for £500,000 or less until March 2021, saving £4,500 on the average home purchase, with a maximum saving of up to £15,000 for a property priced at £500,000. The Chancellor claims that 9 out of 10 main homes sold will be stamp duty exempt.
The Chancellor says:
“Uncertainty abounds in the market – a market we need to be thriving. We need people to feel confident."
There's no change for stamp duty fees on properties above £500,000.
The Stamp Duty rates are now:
The next full Budget will be in the autumn.
Are You Now Planning To Sell?
When you to visit a jewellers, you'll be familiar with the way they showcase their exquisite products. When you go to a car showroom, each car is immaculately presented. The way we present our homes for sale should be no different. We call this "STAGING". Staging will draw your buyers in and ensure that your home stands out for all the right reasons. You've probably reading this and having doubts. We understand as this is a new concept for you. Let's answer your doubts one by one and before we begin let's get into the minds of your buyers.
Here's some basic facts about buyer behaviour:
Buyers "use" their emotion to decide whether or not yours is their dream home
Buyers make up their minds on-line within seconds whether your home makes their shortlist of preferred properties and they do this based on the images only
Within seconds of entering your home, buyers make up their minds if this is their dream home
Once they're in your home, 80% of buyers cannot visualise themselves in your home so will struggle to make that emotional connection
In 2019, it took 19 buyer viewings to secure an offer
So how do you address these buyer issues?
... With STAGING. Staging your home to sell is the most effective marketing technique available (of course assuming your home is priced right). This will enable the buyer to connect with your home, both on-line and then during the viewing. Staging takes the buyer on a strategic journey and because of this they can visualise themselves living in your home as they go from room to room. Staging also addresses any red flags that will raise concerns for your buyers.
The Home Staging Association UK & Ireland's most recent report provides some fascinating statistics on home staging including from the perspective of an estate agent:
100% agree that home staging makes it easier for a buyer to visualise the property as their future home
66% recommend home staging from the outset of marketing
recommend the use of staging on 86% of their properties
94% agree that staging increases the number of viewings
100% agree that professional images will result in more viewings
75% agree that buyers spend longer at staged homes
86% agree that a staged property will sell up to 3 times faster
78% confirm that home staging increases the offer value of the property by up to 10%
84% of properties removed from the market would benefit from staging
To learn more read, here.
For all the above reasons, if you want to maximise your chances of selling and do so quickly, we can help.
Reach out to us on firstname.lastname@example.org
to arrange your no obligation discussion.