Posts with tag: GetAgent

England Stamp Duty holiday set to save homebuyers £3.4bn

Published On: June 9, 2021 at 8:10 am

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Categories: Property News

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Over half a million homebuyers in England are set to benefit from the Stamp Duty holiday, according to the latest research by estate agent comparison site GetAgent.co.uk.

GetAgent analysed transaction data from the Land Registry to see how the market has already performed between the launch of the Stamp Duty holiday and the original deadline of 31st March 2021. GetAgent then estimated what the continued impact will look like by the time the clock does finally expire on the initiative.

Its research also shows that prior to the launch of the Stamp Duty holiday, 258,978 transactions took place across England between 1st January 2020 and 7th July 2020.

In total, GetAgent estimates that of the 539,972 transactions forecasted to complete between 8th July 2020 and the initial deadline extension of 30th June this year, 84% will pay no Stamp Duty at all, with the total market saving expected to hit nearly £3.2bn.

In addition, it expects a further 138,764 homes to be sold between the additional deadline extension of 1st July and 30th September this year. Despite the Stamp Duty free threshold being reduced from £500,000 to £250,000, GetAgent estimates that 45% of all transactions will still remain Stamp Duty exempt with a further saving of £250,006,781 seen across the market as a whole.

In total, the Stamp Duty holiday in its entirety looks set to see an estimated 76% of all homebuyers pay no Stamp Duty, with the total saving hitting over £3.4bn, the comparison site says.

Colby Short, Founder and CEO of GetAgent.co.uk, comments: “The current Stamp Duty holiday may have its critics and there’s no doubt that it’s been a factor in creating the current market bottleneck that has seen many subject to long delays during the transaction process.

“However, there’s also no doubt that a great deal of homebuyers have benefitted and many more will continue to do so right up until the end of September. Even with the reduction of the Stamp Duty free threshold from July onwards, nearly half of all transactions will continue to pay no Stamp Duty at all, so we can expect the market madness to continue until this secondary deadline, at the very least.”

Most and least affordable seaside property locations in England, Wales and Scotland

Published On: June 25, 2020 at 8:42 am

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Estate agent comparison site GetAgent has analysed house prices in 100 seaside towns to find the most and least affordable areas to invest in a UK holiday home.

These results, looking at seaside towns across England, Wales and Scotland, found the average property price to be £264,258. This is 14% higher than the current national property price average of £232,401.

According to the results, the top 10 least affordable seaside areas are:

  1. The Sandbanks in Poole (average house price of £619,431)
  2. Salcombe (average house price of £602,667)
  3. Aldeburgh (average house price of £507,143)
  4. Lymington (average house price of (£482,071)
  5. Dartmouth (average house price of £458,051)
  6. Southwold (average house price of £447,855)
  7. Padstow (average house price of £433,812),
  8. Lyme Regis (average house price of £425,238),
  9. Bigbury on Sea (average house price of £416,965)
  10. Hayling Island (average house price of £400,678)

15 out of the 20 most affordable seaside towns are located in Scotland, making up eight of the top 10 most affordable. Campbeltown is the most affordable, with an average house price of £71,500. This is 69% lower than the UK average house price.

Outside of Scotland, Blackpool is the most affordable in England and Wales (£93,104), along with Newbiggin by the Sea (£99,017). 

Founder and CEO of GetAgent, Colby Short, commented: “As a nation, we love to be beside the seaside, as the recent hot weather has demonstrated despite lockdown restrictions remaining in place. However, on average, the cost of living there will set you back above and beyond the wider UK average. 

“It’s also clear that the house price ripple effect isn’t just confined to the outer boroughs of London and it’s clear that as a number of seaside hotspots have increased in value, smaller neighbouring towns have also seen the benefit of this overspill in demand.  

“If you can’t afford to live in Padstow for example, opting for nearby Wadebridge provides the next best option and while it isn’t cheap in itself, it still provides a serious property price discount in the region of fifty thousand pounds.

“Of course, this heightened demand for these ‘next best’ options will often cause prices to increase and so the downside to this is a reduction in affordability in the long term. 

“That said, this process can come full circle and areas such as the Sandbanks that are extremely sought after at the top end of the ladder have since seen demand fall off and prices fall due to an over-inflated market.

“While these areas will always carry an air of prestige and attract a certain type of buyer, in tougher market conditions they are often the first to see the largest corrections in price as demand falls off and asking prices suffer.”