GREAT NEWS FOR ALL SELLERS – UK property sales BOOM after Stamp Duty Holiday Extension
NOW IT’S THE PERFECT TIME TO LIST YOUR PROPERTY ON THE MARKET!
According to the most recent UK property market statistics, buyer demand levels across the country are significantly increasing following the Chancellor Rishi Sunak’s latest announcement that the stamp duty holiday on property purchases costing up to £500 000 is extended for further three months until 30th June 2021 in England and Northern Ireland!
Undoubtedly, the property purchase tax break extension has boosted the enthusiasm and interest of many potential buyers as we head into the spring and summer months! In fact, the stamp duty holiday extension announcement in combination with the new “searching for more space” post-Covid-19 property trend among the people has contributed to the increase of buyer interest by 24% in the week following the announcement as buyers are trying to take most advantage of the stamp duty holiday extension to buy their spacious dream homes! What’s more, real estate experts across the UK have noticed that the demand for three-bedroom family homes has increased by 30% proving that people’s preferences regarding their homes in the light of the pandemic have changed as buyers look for more space both inside and outside of their property and spacious family homes are the most sought-after type of property across the country!
To sum up, buyers demand rate was 80% higher in the week following the announcement in comparison to the same time period over the last four years on average due to the combination of the stamp duty holiday extension and the ‘search for more space’ pattern, caused by the Covid-19 pandemic, which suggests that
NOW is the PERFECT TIMING for all SELLERS to list their available properties on the market!
Why now is the perfect timing for sellers and what is happening to the house prices?
However, while buyer demand is being increasingly higher than previous years, the supply of homes being listed on the market for sale remains constrained and even falling by 12.9% compared to the same period last year. As a result, according to Zoopla’s House Price Index, unsurprisingly, the gap between supply and demand in the housing market is pushing up the properties’ prices higher, with the average value of a house rising by 4.9%, which is more than double the rate of 1.8% recorded in the same period of 2020! In other words, comparing to the beginning of the first national lockdown in March 2020, during the past year, the house prices have risen by an average of £8,907 and February 2021 marked the 4th consecutive month during which house price growth was above 4%, which was last seen in the summer of 2017!
The continued search for space, the stamp duty extension and the increase in demand among the first-time buyers following the Budget announcement about the new 95% mortgage guarantee scheme, which launches on 1 April are all having a significantly positive impact on the property market and contributes to the house price growth.
Overall, the jump in buyer demand, has consequently resulted in faster selling times as well, which is also extremely good news for anyone with a property to sell.
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If you’re a homeowner, who would like to take advantage of the increased buyer demand levels in the current property market, do not hesitate to contact us to discuss your next move!
Alternatively, if you’re on the market for a new spacious property closer to the great outdoors in Scotland, we offer a range of New Luxury Family Homes & Apartments, located in the picturesque countryside in Clyde Valley, right on the banks of River Clyde, just about equidistant from Glasgow and Edinburgh, ideally situated in the Central Belt of Scotland!
Do not miss out, check the For Sale section of our website and register your interest today!