Subscribe to trusted local news

In a time of both misinformation and too much information, quality journalism is more crucial than ever. By subscribing, you can help us get the story right.

Subscription costs less than £1 a week with an annual plan.

Already a subscriber? Log in here.

Jul 2020

Last Updated: 08/07/2020

Housing

Harrogate estate agents relieved at stamp duty holiday

by Thomas Barrett

| 08 Jul, 2020

Harrogate estate agent say a stamp-duty holiday could help revive a struggling housing market.

Harrogate estate agents say a stamp-duty holiday could help revive a struggling housing market.

Chancellor Rishi Sunak announced in his summer statement that the threshold for stamp duty will be raised from£125,000 per home to £500,000.

The measure will only be temporary and is intended to boost a flagging housing market that has been disrupted due to coronavirus.

Harrogate has been no exception and it is hoped the change in stamp duty could bring some confidence back to the market.

District estate agent reports a surge in home-buyer interest

What will be the impact of the coronavirus crisis on the property market?

Estate agent Andrew Hill told the Stray Ferret that the stamp duty holiday will give the market in Harrogate a boost after several fallow months.

He said:

"I think it will be a positive step in the right direction and it might just help people buy a house. It's money in the right place at the right time to kickstart the housing market. We're looking forward to it."

Even though the market shut down from March to May, Mr Hill said the early signs for the rest of the year are positive.

He added:

"The market has set off a lot stronger than we ever dreamt of.

A lot of pent up demand got satisfied as lockdown restrictions eased. The news about stamp duty will help again.

The market will slow down people will be a bit more nervous but there hasn't been too many signs of that so far."

Will Linley, chief executive of Linley & Simpson, said it was a major boost for the industry and one that should "turbo charge" the Yorkshire property market.

He said:

“Whilst we have seen the property market making a steady post-Covid recovery, today’s announcement by the Chancellor is very welcome news indeed.

“There was a fear that its introduction would be delayed, which would have immediately put the brakes house sales.

"The stamp duty holiday will make a huge difference for those purchasing properties up to £500,000 and will encourage some to look at flats and houses that were originally out of their price bracket."