Video Viewings and Valuations

Covid Lockdown Statement – January 2021

Following the recent Covid announcement by the Government and in the interests of keeping our colleagues, clients, contacts and all of their families safe, we have decided to close our offices to the general public with effect from 9am, 5th January 2021.
Please note the business will continue to remain fully open and operational with staff working remotely from home using the same contact numbers and email addresses with full access to our systems. If you require a face-to-face Covid Safe meeting in our #Ripon or #Thirsk office, please contact us to make an appointment.
We have access to technology to provide video viewings and valuations of your property through the The Guild of Property Professionals, along with video calling to enable meetings and appointments to go ahead as required.
We ask in the first instance that a Virtual Video Viewing or call takes place prior to an actual in-person viewing. Following this, cash purchasers, First Time Buyers and applicants whose own property is Sold Subject to Contract are welcome to arrange a viewing of a property by contacting one of our offices.
virtual viewing
Survey and Architecture appointments, face-to-face meetings, market appraisals or viewings will only take place where we have established that the parties involved are not suffering from any Coronavirus symptoms, have been advised to self-isolate or have travelled outside the UK to any country on the quarantine list. We ask you to consider whether your appointment with ourselves involves Essential Travel.
We are all facing a tough challenge over the coming weeks, the housing market remains open. We will continue to work hard and provide our full services, and hope that we will return to normal business as soon as practicably possible and it is safe to do so. We wish and hope everyone stays fit and healthy.
If you have any questions or concerns please do not hesitate to contact us. We can be contacted on our landlines, mobile numbers or by email …
KEY CONTACTS
Michael Stephenson General Manager
michael@joplings.com 01845 521319 mobile 07540 691652
Amy Tattersall Sales Manager
amy@joplings.com 01845 522680 mobile 07740662682
Emma Orde-Powlett Lettings Manager
emma@joplings.com 01845 522680 mobile 07540691653
Sam Torkington Lettings Manager
sam@joplings.com 01765 694802 mobile 07912732584
Vicky McGrath Assistant Sales Manager
vicky@joplings.com 01765 694800 mobile 07738 545 215
Richard Boyer Building Surveyor
richard@joplings.com 01845 521317 mobile 07395790722

Stamp Duty Land Tax – The new temporary reduced rates explained

With immediate effect the new Stamp Duty Land Tax (SDLT) threshold of £500,000 will apply and will run until 31 March 2021. This means any buyer purchasing a primary residential property between 8 July 2020 and 31 March 2021, up to the value of £500,000, will be exempt of paying Stamp Duty.

According to the release by the Government the exemption will apply to all primary residential property purchases, so regardless of whether the purchaser is a first-time buyer or someone who has owned a property before.

This means that on purchases over the £500,000 threshold, buyers will pay a 5% SDLT on the portion from £500,001 to £925,000, 10% on the portion from £925,001 to £1.5 million and 12% on any portion over £1.5 million.

Visit gov.uk for more information

When it comes to purchasing a second home, the Government has introduced higher additional rates with a 3% higher rate on top of the new revised standards. For people purchasing a holiday home up to the threshold value of £500,000 they will pay 3% SDLT.  Those buying a second home over the threshold with pay 8% on the portion from £500,001 to £925,000, 13% on the portion from £925,001 to £1.5 million, and 15% on the remaining portion over £1.5 million.

Visit gov.uk for more information

At Joplings we have experienced an increase of valuations and new instructions with clients looking to take advantage of the savings that can be made by the reduction in Stamp Duty Land Tax.  Many buyers will not pay any  stamp duty when purchasing a property up to £500,000. This money could be used to purchase a new kitchen or bathroom suites for their new home.

To take advantage of this we believe you need to place your property on the market as soon as possible, ideally before the end of September to give yourself the best chance of selling before the 31st March 2021.

For a free valuation to see how much your property is worth contact us at our Thirsk or Ripon office.

Call us on 01845 522680 or 01765 694800 for further advice and information.

Can Boris change the Stamp Duty?

Guild Blog: Could Prime Minister, Boris make changes to Stamp Duty in the near future?

Many in the property industry have called out for the new Prime Minister, Boris Johnson, to act decisively on his previously proposed plan of possibly scrapping Stamp Duty on homes under £500,000, at the same time cutting it from 12% to 7% on properties valued at over £1.5m. The hope is the proposed changes would mitigate the potential negative impact of the recent political instability and would improve buyer confidence in the market.

In the past, Prime Minister Boris Johnson had said that he would potentially call for an emergency Budget meeting in September where he would implement changes to current Stamp Duty legislation and drastically raise the threshold to the aforementioned £500,000. Excessive Stamp Duty charges have long been a challenge for those on all levels of the housing ladder, so both buyers and sellers will now be eagerly awaiting confirmation on how he intends to address this.

Free up over 300,000 buyers from Stamp Duty

Should the proposed changes be made it would essentially free up over 300,000 property buyers from having to pay Stamp Duty, based on figures from 2018/2019. The number could even increase as sellers just over the threshold drop their price to entice interest. When you consider the homes sold that are already exempt, over 650,000 transactions from last year would not have had to pay the tax.

The change could mean that entire regions where the average price of property is below £500,000 would be lifted from paying Stamp Duty. This would boost transactions in these pockets of the market and assist with economic growth in these areas.

Possible switch from buyer to seller

Johnson had also said that he may switch the responsibility of paying the tax from buyers to sellers – a drastic move that would greatly benefit potential buyers. Taking Stamp Duty off the table for prospective buyers would be a huge advantage, particularly for those who are looking to upgrade to a larger home to meet their growing family needs.  However, the change would bring about a few issues. For example, someone who is currently selling their home would have paid Stamp Duty on it when they purchased it. With the proposed change, they would then have to pay it again when they sold. Essentially, this would equate to double taxation. Sellers may also push up their asking price in a bid to cover the additional Stamp Duty charge they would incur.

There is also the question of retirees who are selling to downsize. Selling a large home would mean paying higher levels of Stamp Duty, which would be a blow for someone planning for their golden years.

More buying power for first-time buyers

As it stands, buyers purchasing a home under £300,000 are exempt from paying Stamp Duty. The proposed increase in the threshold would give them the option to purchase a higher-priced home, while still being exempt. This is provided of course, they can afford a home over £300,000 and have the money for the deposit and other costs involved in purchasing a property. A study from the Royal Institution of Chartered Surveyors found that there had been no significant positive impact on property sales after the change in Stamp Duty in November 2018, so perhaps it is unlikely that any further change would bring more first-time buyers to the market.  That said, the number of first-time buyers continues to increase, which can be attributed to other aspects such as Help to Buy.

Get the market moving

The idea behind the proposed policies is to the get market moving in sectors below £500,000, as well as those at the top end. The hike in Stamp Duty for homes over £925,000 in November 2014, greatly effected the top tier of the market slowing it to a near standstill. Ever since, transactions in the upper end of the market have suffered. The proposed cut from 12% to 7% would do much to invigorate this end of the sector, even if only for a time.

Iain McKenzie, CEO of The Guild of Property Professionals, said he would welcome any positive move by the new Prime Minister on Stamp Duty and taxes on landlords. I am in favour of anyone who is going to improve sentiment or confidence in the housing market. Current economic data is strong, but the uncertainty of Brexit has caused stagnation in the market. Mr Johnson’s commitment to ‘deliver Brexit’ on 31st October with a new ‘can do’ spirit is therefore very much welcomed.”

While the changes are merely talk at the moment, should they come about, it will be intriguing to see what impact they will have on the market moving forward. For more information about the current Stamp Duty thresholds read our blog on the subject.

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Packing up and moving to another city, or for that matter, another country, is a major undertaking. It takes a great deal of preparation and is imperative to do the necessary research and weigh up all the options before making the final decision. Regardless of whether it is relocating to another part of the country or abroad, there are essential elements that need to be assessed in each potential neighbourhood to ensure you will settle in.  Continue reading