SDLT holiday sparks viewings stampede

Posted on 16 Jul, 2020

When Chancellor Rishi Sunak delivered his summer statement, he created an exceptional window of opportunity for home buyers.

News that stamp duty would not apply to the first £500,000 of a property purchase until 31st March 2021 set the telephone lines and email inboxes of estate agents across England alight. Which was the point.

Home buyers who were wavering move and those whose purchasing plans were scheduled for the second half of 2021 now find themselves compelled to start the buying process. Thousands of homes on the market are now for sale stamp-duty free, with those over £500,000 carrying a £15,000 stamp duty reduction, which is now the catalyst for a surge in viewing requests.

Of course, the Chancellor’s announcement is against a backdrop of furlough and continuing social distancing measures, including the prospect of local lockdowns and a potential return to non-essential travel restrictions.

Capacity is a subject close to our hearts here at Viewber. One of the main reasons agents partner with us is when resources are strained. Many branches will be trying to balance the delicate structure of their business this year – income versus wages, juggled with the ability to say yes to every viewing in case it turns into a fee-generating offer.

If you are looking for a way to accompany every in-person viewing request as a result of the stamp duty announcement – or to create a full set of virtual viewing assets from one property visit – Viewber can help, fast. We can become your property visit partner within hours of you getting in touch with us.

“If your phone is ringing off the hook and your diary is full to bursting point, share the property visit workload with Viewber,” comments Ed Mead.

“We can provide an almost overnight back-up service so you can cope with the surge. What’s more, we can visit a property and create a 360 virtual tour, a floorplan, photographs and a video walkthrough on an agent’s behalf, so you have a full marketing package to future proof your listings – essential just in case you experience a local lockdown and want to continue ‘showing’ a property. Our services ensure no marketing opportunities are missed.”

Just in case you needed confirmation, the new stamp duty tiers that run from now until 31st March 2021 are below:

Property or lease premium or transfer value

SDLT rate

Up to £500,000

Zero

The next £425,000 (the portion from £500,001 to £925,000)

5%

The next £575,000 (the portion from £925,001 to £1.5 million)

10%

The remaining amount (the portion above £1.5 million)

12%

 

Buying an additional property during the temporary stamp duty freeze

The 3% higher rate for purchases of additional dwellings applies on top of revised standard rates above until 31st March 2021. These are:

Property or lease premium or transfer value

SDLT rate

Up to £500,000

3%

The next £425,000 (the portion from £500,001 to £925,000)

8%

The next £575,000 (the portion from £925,001 to £1.5 million)

13%

The remaining amount (the portion above £1.5 million)

15%

 

Let’s get you up and running with Viewber – get in touch today.

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