If the stamp duty holiday has encouraged you to consider moving home, you need to be informed about the local market, and house prices. At Sovereign House, we are pleased to say we have spoken with many buyers and homeowners in and arounds Hackney in recent weeks.
This is an exciting time for many households, and if we can be of any assistance, please let us know. If you plan on selling your home in Hackney, please get in touch.
We offer a property valuation service which allows you to enter the housing market with confidence. Recent studies have shown homeowners who don’t have to lower the price of their home after it has been listed are more likely to sell their home quickly.
Therefore, a realistic valuation from a local agent is a vital tool in selling fast, and moving to your new home.
The leading property portal in the United Kingdom states; “Properties in Hackney had an overall average price of £618,305 over the last year. The majority of sales in Hackney during the last year were flats, selling for an average price of £498,253. Terraced properties sold for an average of £964,541, with semi-detached properties fetching £1,362,143.”
According to Zoopla, as of October 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.
There isn’t much of a difference between the figures cited by Rightmove and Zoopla, so you can take this as a rough guide to the average price for homes in the area.
Of course, you should never take the average price as the benchmark without knowing how your home compares to the benchmark. If your property is of a better standard than the average home in the area, using the benchmark price does a disservice to your home.
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.
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.