On Wednesday 8th July, the Chancellor of the Exchequer, Rishi Sunak, has announced an increase in the stamp duty threshold in the Summer Update. The key points of the stamp duty changes are:
- Stamp duty threshold is now £500,000
- This increase in stamp duty threshold is set to run until 31st March 2021
- The increase in stamp duty threshold takes place immediately
If you are looking for guidance on what this stamp duty holiday means to buyers in and around Nottingham, Holdencopley is here to help.
Savings when buying a home in Nottingham
Taking the average property prices provided by Zoopla, we look at the average price for properties in Nottingham in the past 12 months.
- Average price paid for property in Nottingham in past 12 months: £208,607
- Average price paid for flats in Nottingham: £134,560
- Average price paid for terraced properties in Nottingham: £143,684
- Average price paid for semi-detached properties in Nottingham: £180,920
- Average price paid for detached properties in Nottingham: £301,482
The figures below represent the former stamp duty that would have been paid at the average price, and this figure represents the saving on offer to people buying a home (not their first home or a buy-to-let property).
- Former average stamp duty for property in Nottingham in past 12 months: £1,672
- Former average stamp duty for flats in Nottingham: £191
- Former average stamp duty for terraced properties in Nottingham: £373
- Former average stamp duty for semi-detached properties in Nottingham: £1,118
- Former average stamp duty for detached properties in Nottingham: £5,047
Now, all these purchases will incur no stamp duty payment, providing savings for property buyers. Obviously, people buying a detached property will save more than people buying more affordable property types, but any saving is welcome when buying a house.
Savings when buying a home in Woodthorpe
Below, we have detailed the same process for Woodthorpe, detailing the average price paid for property in the past 12 months, according to Zoopla.
- Average price paid for property in Woodthorpe in past 12 months: £281,448
- Average price paid for flats in Woodthorpe: £116,075
- Average price paid for terraced properties in Woodthorpe: £295,500
- Average price paid for semi-detached properties in Woodthorpe: £248,031
- Average price paid for detached properties in Woodthorpe: £322,576
The information below details the former stamp duty paid for the average property purchase in Woodthorpe, which represents a saving with the current stamp duty holiday.
- Former average stamp duty for property in Woodthorpe in past 12 months: £4,072
- Former average stamp duty for flats in Woodthorpe: £0
- Former average stamp duty for terraced properties in Woodthorpe: £4,775
- Former average stamp duty for semi-detached properties in Woodthorpe: £2,460
- Former average stamp duty for detached properties in Woodthorpe: £6,128
Can you save money while buying a house?
Below we study the average property price and former stamp duty for a range of areas across Nottingham:
- Average price paid for property in Arnold in past 12 months: £181,649
- Former average stamp duty for property in Arnold in past 12 months: £1,132
- Average price paid for property in West Bridgford in past 12 months: £336,549
- Former average stamp duty for property in West Bridgford in past 12 months: £6,827
- Average price paid for property in Hucknall in past 12 months: £170,913
- Former average stamp duty for property in Hucknall in past 12 months: £918
- Average price paid for property in Carlton in past 12 months: £177,516
- Former average stamp duty for property in Carlton in past 12 months: £1,050
- Average price paid for property in Wilford in past 12 months: £270,126
- Former average stamp duty for property in Hucknall in past 12 months: £3,506
- Average price paid for property in Mapperley in past 12 months: £209,612
- Former average stamp duty for property in Mapperley in past 12 months: £1,692
We offer property management, property to rent and property for sale in Arnold, Woodthorpe, West Bridgford, Hucknall, Carlton, Wilford, Mapperley and throughout the Nottingham area. If you would like to arrange an appointment to help you negotiate the local buy-to-let market, please contact Holdencopley today by calling us on 01158969800 or emailing steven@holdencopley.co.uk.