Dunmow estate agents react to Chancellor’s stamp duty freeze for house buyers
PUBLISHED: 17:29 09 July 2020 | UPDATED: 17:29 09 July 2020
Pestell and Co
Estate agents in Great Dunmow say Chancellor Rishi Sunak’s announcement yesterday (Wednesday) of a temporary stamp duty freeze is a great boost that will help buyers.
And they say the savings could potentially also boost businesses as it could lead home buyers to upgrade kitchens, bathrooms and gardens.
The first £500,000 of all property sales in England and Northern Ireland will no longer be subject to stamp duty with immediate effect until March 2021.
Paul Welland, partner at Pestell & Co in Dunmow, said: “I really think it will help the first time buyers market.”
He said that as the 95 percent mortgages had stopped becoming available, the maximum had become 90 percent mortgages and this meant buyers had to find that extra five percent. Therefore a stamp duty freeze would help.
“It’s going to firm up all the sales we have already agreed - people are going to be paying less tax. We would imagine people feel happy within their mindset if they have already got their mortgage as they will have extra money available, maybe for some home improvements.”
But Mr Welland admitted he was surprised, as the firm has been busy since coronavirus restrictions eased and they were allowed back to work.
“A quiet market is not something we have been suffering from. This will inevitably liven the market.”
Elliott Elwood at Daniel Brewer estate agents in Dunmow also welcomed the news.
He said: “The market has been extremely bouyant in the last two months.
“With the stamp duty holiday that will have a positive impact on the housing market.
“Buyers that didn’t have certain deposit levels, now with that relief it means they will be able to buy.
“We are extremely happy.”
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