Boost for Property Sellers
Those that are thinking of putting their property on the market might have a nice surprise in store as house prices have increased recently, for a couple of reasons.
Firstly, demand has been building up since well before lockdown – as soon as lockdown became a possibility, a proportion of both sellers and buyers put their plans on hold, wanting to see what the impact of lockdown would be on the economy. However, now that life is starting to get back to normal, the need or desire to move property is steadily increasing.
Secondly, the Chancellor’s announcement of no stamp duty on the first £500,000 is doing what the Government hoped it would – kickstarting the market and getting lots of interested buyers wanting to take advantage of this great opportunity.
The stamp duty holiday
Opportunistic buyers could make an incredible saving of £15,000 by buying a £500,000 property and not having to pay any stamp duty. Those who had put their house buying plans on hold are likely to go full steam ahead now and secure their next property.
Changes in the market
Nick Morrey, of mortgage brokers John Charcol, commented, ‘After the market opened up, estate agents roared back into life, there were reports of significant demand outside cities and so demand has just been rising and rising.’
Proof of this can be seen with the Nationwide Building Society’s recent report that house prices in the UK increased by 1.7% in July, while Rightmove stated that the asking price of new homes has jumped by 2.4%.
There’s also a difference in what people are now looking for – with all the time spent at home in lockdown, buyers want larger properties, good outside space, fast broadband speeds and are also prepared to look further afield.
So, what does all this mean if you’re looking to move property? Nick Morrey advises that sellers should move fast – ‘Demand is strong and it might be so for the next few months, so don’t dither.’
If you need any advice on buying, selling, or renting a property, please get in touch with us on 0121 744 4144.
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