The housing market is likely to be heavily distorted over the next few months by the ending of the stamp duty holiday. With the average sale taking around 4 months to complete, it is unlikely any new sales will make the 31st of March cut-off. There are, though, still large numbers of sales in the
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It’s hard to believe now, but this time last year, all the talk was about how resilient the housing market had been in the face of Brexit uncertainty. And, with Boris Johnson’s election and his unexpected success in renegotiating terms with the EU, it all ended with a rising sense of optimism. Commentators were even
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Lockdown 2 has caused only the smallest of blips in the housing market and, throughout, demand has remained substantially above recent November averages. For the first six days, while buyers were adjusting to the conditions, demand was up 28% on last year. That figure then jumped to 49% for the rest of the month. At
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We’re back into lockdown but this time around the property industry will not be required to close, so buyers, sellers and renters will be able to continue moving home. Initially, it was not clear whether agents would be able to keep their physical branches open but it has now been confirmed they can. It remains
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With the data now coming thick and fast, the shape of the mini-boom is becoming ever clearer. Under the circumstances, it’s not surprising it’s a little unusual. Traditionally, it’s first time buyers that drive the market, but not this time. This time the market is being driven by buyers of three and four bed houses,
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The mini-boom continues unabated. Rightmove reports August was the busiest month in ten years, with the highest number of sales agreed in a calendar month since they first started tracking the data ten years ago. There were 20% more deals agreed than during the previous high (March 2017) and the sales topped £37 billion (another
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The mini-boom sparked by pent-up demand and the stamp duty holiday continues apace. Prices have now risen by 2.4% from their pre-corona levels, buyer enquiries have increased by an astonishing 75% since the start of July – and the number of agreed sales were 15% higher than they were this time last year. Lockdown aside,
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Chancellor Rishi Sunak has announced that, until 31st March of next year, stamp duty will not be payable on the first £500,000 of any house purchase. It means the average buyer will save £6,894.20 which should give a substantial boost to the housing market. It is likely to benefit the more expensive purchases rather than
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Scotland and Wales are bringing in their own stamp duty holidays, meaning the taxes will be waived on purchases up to £250,000 in both countries. Previously to be exempt from stamp duty, known as the Land and Buildings Transaction Tax (LBTT) in Scotland, purchases had to be less than £145,000 north of the border or
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Stamp duty in the UK has been abolished for all properties under £500,000 with immediate effect in new plans set out by Chancellor Rishi Sunak. The new temporary measures will be in place until March 31 2021. Currently there is no stamp duty on transactions below £125,000, or £300,000 for first-time buyers for properties worth
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