As we all battle through the current lockdown in our own way, the property market is surprisingly buoyant. This is perhaps inevitable as we are still playing catch-up from the restrictions of the first lockdown when sales transaction numbers plunged by around 50%.
As we write this, there is credible speculation that the current Stamp Duty concession may be extended by another 3 months in the March budget, thereby giving added incentive for buyers to take advantage of up to a £15,000 saving.
The robust nature of the UK property market means that it is more mature and less fickle than some commentators have suggested. In our view, the SDLT concession in itself has not necessarily prompted more people to buy than would have otherwise done so. Nor has it directly put upward pressure on house prices even though last month’s average house price rose by 6.4% on last year.
This is because people don’t move house to save money on Stamp Duty. They move because their needs are changing and a different property would suit them better than their current home. But some people did bring their move forward, or became more flexible on their pricing in order to secure a sale or purchase ahead of the original March deadline.
Interestingly, according to Aviva, this continued growth will in part be caused by the pandemic’s influence on our ongoing lifestyle, which has prompted 19% of buyers to seek a new home.
So if you have a property that could help satisfy this demand then please do get in touch. We have some very keen buyers who have lost out in the frenzy before January and we desperately need more properties to suit them.
Your property maybe the one we need. We’re here to help, your timing could be perfect, and you might be in for a pleasant surprise.
We look forward to hearing from you.
The Livermores Team
t) 01322 228090 or 01322 550777