October 2021 Market Comment

According to the Nationwide, annual house price growth last month was still very strong at about 10%, although this was down from 11% in August, and no doubt supported by the tail end of the SDLT concession which has now come to an end.

It is interesting to note that the average house price has risen by over £28,000 since that stamp duty concession was introduced in July 2020. This is 12 times more than the average SDLT saving enjoyed by buyers! The average house price, at £267,587, has now crossed into a higher SDLT threshold too! So rather than helping struggling buyers, the concession has supported massive and possibly unexpected house price growth. Funny old world! 

Over and above any concession, it would certainly seem that sheer confidence, coupled with alternative financing, strong employment, low interest rates, and an economy rebuilding itself are all playing their part in proving once again that British real estate remains an exceptionally strong investment – and a tax free one for most homeowners. Rents are up too – by 7.5% over the year (Source: Homelet)

Normally at this time of year, we would advise a potential home seller wanting to sell their property to wait until the New Year, but the statistics and continuing strong demand from buyers means that you should not wait and start now.

We would be delighted to advise you on current market conditions for your property and give you our tips on what should be done to improve your chances of selling at the best price.