On 23rd September 2022, the government announced changes to stamp duty that will remove around 200,000 people from paying stamp duty and reduce the amount of tax due for many more.
The threshold at which stamp duty land tax (SDLT) is paid has increased from £125,000 to £250,000, while the threshold for first time buyers to pay the tax has increased from £300,000 to £425,000.
For first time buyers in areas such as London and the South-East, the changes could mean a saving of as much as £11,250. While for non-first-time buyers purchasing a house for £312.000 – the average price of a home according to land registry, they would save around £2500 in stamp duty fees.
While rising interest rates combined with the increasing cost of living have started to impact the property market, it’s still very much the case that these changes to stamp duty will be welcome news to those at the lower end of the market alongside first-time buyers.
For estate agents this is an ideal opportunity to reach out to your existing database and leverage your marketing. With this in mind, we explore some of the best ways that you can communicate changes around stamp duty to both your potential vendors and buyers to obtain new leads.
Get your messaging right
Many estate agents would have already put plans firmly in place to communicate changes to their database. But if you’re not one of them, it’s possibly time to consider your messaging.
Providing educational updates builds trust with your audience. And in this instance, you can also add value by providing items such as tax calculators or average savings on specific properties you have available.
Ensure that your audience is segmented. Buyers want to understand the potential savings on properties which may be of interest to them, whereas vendors are interested in what this means for either the price their home can achieve, or how in-demand it may be.
It’s also wise to split your audience based on things like price ranges. This is so that your message is tailored. If you can be as specific as possible when communicating with your audience, you’re more likely to receive a positive response.
Showcase affected properties
Now is the time to update your content across all of your platforms.
Ensure that listings on both your website and third-party platforms such as Rightmove and Zoopla are clear where a property may be exempt from stamp duty (either completely or for first time buyers).
Consider putting together an email for your buyers showcasing any properties which are now going to be exempt from SDLT.
Not only is this likely to drive more interest from buyers but shows your proactivity to the vendors of these homes.
If you are considering email marketing for your estate agency, BriefYourMarket can help.
Offering one of the most cost effective email marketing solutions for estate agents, we help you to take a pro-active approach to marketing your business.
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