Do you need to sell your house fast, but you’re worried now isn’t a good time to do so? Don’t worry – there are plenty of good reasons to sell your house fast before the end of 2020.
You’re not alone if you assume that now is a risky time to be tackling the property market – 2020 has been a turbulent and challenging year in many ways, and it’s easy to feel as if nothing has gone to plan. However – and this might come as a surprise – if you find yourself in the position where you have no choice but to sell your house fast, you may find that recent events and the current climate work to your advantage.
Here are the reasons why you could benefit from selling your house fast before the end of the year.
Property Has Increased in Value
Most businesses and households have taken a major financial hit this year, with multiple regional and national lockdowns throwing the UK economy into disarray. It would be easy to assume that the property market has also taken a hit, but in reality, it has boomed.
After the first national lockdown earlier this year which put the market on hold, demand for property has risen and so have house prices. People who wanted to move in the Spring and Summer were prevented from doing so, causing the market to become saturated with buyers after restrictions were lifted. Further influencing the buyer boom are low interest rates, making it easy for many first-time buyers to secure a mortgage.
It might seem quite surprising, but the average price of property in the UK has gone up by 1.7%, so if you sell your house fast before the end of 2020, you could get a great price!
The Stamp Duty Holiday
Stamp duty land tax (SDLT) is a type of tax that buyers have to pay when they purchase a property. It’s a major consideration for most buyers because, depending on the property’s value, stamp duty is usually a considerable sum of money. Usually, you would need to pay stamp duty tax on the value of a property above the threshold which is usually £125,000.
Earlier in 2020, Rishi Sunak, the Chancellor of the Exchequer, announced that there would be a stamp duty holiday until 31st March 2021. Right now, buyers only need to pay stamp duty on the value of a property above the temporary threshold of £500,000.
This decision has really helped to strengthen the property market, despite all the uncertainty surrounding the global pandemic. Now is a great time for buyers – particularly first time buyers – to purchase property because they can save money by not paying stamp duty tax.
If you need to sell your house fast, the stamp duty holiday could mean you see increased buyer interest in your house, possibly leading to a fast house sale. What’s more, if you are buying a different property, you too can benefit from the stamp duty holiday.
Remember, the temporary £500,000 stamp duty threshold will only last until 31st March 2021.
Unknown Implications of Brexit
The new year will mark the end of the Brexit transition phase and will usher in a period of renewed uncertainty for the UK economy and foreign relations. The truth is that nobody really knows just how Brexit will affect the property market, and this largely depends on the ongoing impact of Covid-19 and the success of trade deals.
Many believe that Brexit will make 2021 an even tougher year for the economy as it tries to recover from the impact of the pandemic. It’s also important to look at how foreign investment will change if the UK becomes too expensive for European businesses and property investors and they start to look elsewhere. This will likely weaken the property market and house prices will probably fall.
Sell Your House Fast with Zoom Property Buyer
If the points above have persuaded you to sell your house fast before the end of 2020, then selling to a specialist cash property buyer like Zoom will guarantee you the sale you need.
If you list your house on the open market, you will need to deal with estate agents, solicitors, unreliable buyers and risky property chains that could delay your sale into the new year. If you sell to us, you could have the money in your bank account within 7 days and avoid the stress and uncertainty of the open market.
Why not give us a call to find out more on 0333 880 4362? Alternatively, you can complete our online enquiry form and expect a speedy response within 24 hours.