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How should I price my house which would have sold for about £260K in the light of the budget's first-time buyer stamp duty change?

If my house was worth, say, £300K, a buyer would understand and grudgingly accept that they'd have to pay 3% stamp duty. But for a house worth maginally over £250K there must be much greater price sensitivity. Consider a house which might have sold pre-budget for around £260 to £270K. What's the point at which a house can hold a price over £250K and not be forced into a reduction to less than £250K?

Asked on Apr 1 2010, House Prices in Pulborough | Report content

Answers (3)

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  • We normally see 275k being the point at which buyers can justify to themselves paying the 3% stamp duty. That said we have just sold a house at £265,000 which was on the market at £269,950 so I guess that it really depends on how much the buyer likes it and whether they perceive it to be good value. I would suggest that you speak with a local agent about the pricing and their thoughts on the local market. At the end of the day it will the buyers who set the value.

    Answered on Apr 8 2010, Report content
  • Most buyers will be extremely reluctant to buy a house at £260,000 The house really needs to be £270,000 + and offer considerbably more than a property at £250,000, to justify the extra £5,000 (approx) of stamp duty payments. Carry out market research to see what is out there at the price ranges and have you house valued making sure you look at supporting comparable evidence

    Answered on Apr 18 2010, Report content
  • If you point a potential buyer to the link below, they will be able to get £3,829 of the extra £5,300 stamp duty on a purchase price of £260k (compared to buying at £249,999) back on completion, which reduces the remaining 'additional' tax to only £1,471 - you can negotiate the rest from there...

    Web reference:

    Answered on Apr 26 2010, Report content

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