If you are looking to make a move in, out or around Hackney, you need to make an informed decision. These are challenging times in the London property market, and circumstances are changing all the time. We know buyers and vendors benefit from clear guidance from skilled and local professionals, which is why the team at Sovereign House is here to assist you.
There is a significant demand for Hackney property right now, and we want to ensure you have all the information you need to make a smart decision.
According to Zoopla, as of August 2020, the average price paid for property in Hackney over the past 12 months is £622,822. This price is above the threshold for stamp duty, so anyone buying property at this price in Hackney will save £15,000 in stamp duty fees.
During the stamp duty holiday, the SDLT fee at the average price is £6,141.10. This amount represents a significant saving on a charge of £21,141.10, which would be applicable outside of the stamp duty holiday.
Average price paid for flats in Hackney in past 12 months: £502,067
Average price paid for terraced property in Hackney in past 12 months: £892,795
Average price paid for semi-detached property in Hackney in past 12 months: £1,098,843
Average price paid for detached property in Hackney in past 12 months: £903,000
All these property prices stand above the stamp duty threshold, offering a saving of £15,000 for buyers in the area.
With the stamp duty holiday deadline in place, the time it takes to sell a home becomes even more relevant for buyers and vendors. With savings of £15,000 on offer for buyers in Hackney, it is easy to see why buyers are keen to conclude the transaction before the deadline passes.
The stamp duty holiday deadline might be extended, or the holiday might be made permanent. However, for now, it is vital to focus on the timeline in place. According to the home.co.uk website, the average time to sell a home in Hackney is 209 days. This length of time equates to just under 30 weeks.
At the start of September 2020, there are only 30 weeks to the end of March 2021. Therefore, buyers and vendors in Hackney have no time to waste if they want to complete their property transaction before the stamp duty charges rise.
If you plan on selling your home in Hackney, we are here to help. We can arrange a property valuation on your behalf, which is essential in entering the market place. When you have a realistic property value on your home, you enhance your chance of connecting with buyers. You also create a platform to devise a budget for your next move.
These are challenging times in the housing market, but there is activity and demand for homes. At Sovereign House, we are keen to help you with whatever you need in the Hackney property market. Why not call us on 020 8985 5800 or visit us at 213 Victoria Park Road, we look forward to assisting you with your property needs.