2021 Property Market Deadlines

21st January 2021 posted in Sellers Buyers

Anyone looking to make a move in the housing market needs to make an informed decision. At Hunters Stoke Newington, we are pleased to say we are on hand to assist people, even during the latest lockdown.

It should be noted the property market is open for business, and we are here for you. Whatever assistance you need, please get in touch, and rest assured, we place your safety as a leading priority.

One of the most important tasks for us this year is making sure you are informed about the latest market deadlines. Deadlines are vital, because if you miss them, you might miss out on the home of your dreams, or some much needed assistance.

A lot of changes will occur in spring this year

Nicky Stevenson is a noted name in the UK housing market, and she has outlined some of the key deadlines. She said; “Looking at the year ahead, 2021 will be host to a lot of housing market changes and deadlines. The stamp duty holiday is set to finish at the end of March 2021, the same deadline for Help to Buy changes. A 2% surcharge for overseas purchasers will be introduced from 1st April and potential changes to Capital Gains Tax are set to be introduced. These changes will no doubt impact transaction volumes and house prices.”

The stamp duty holiday is currently expected to end on March 31st, but there are growing calls for this to be extended. You can rest assured if a change occurs, we will let you know. However, even if there isn’t any change to this measure, it will be a time of change in the housing market.

Be mindful of help to buy changes

While there has been considerable focus on the stamp duty holiday deadline, there haven’t been people speaking about changes to the Help To Buy scheme. We know many buyers have benefitted from this scheme. If this is something which is of interest or benefit to you, please get in touch, and we will keep you fully informed.

There will also be big changes in April, with a notable impact on overseas buyers. While this will not impact everyone in the local area, think about how it might affect you if you plan on selling your home after April 2021.

A reduction in the overall number of buyers is bad for vendors, so this might not be a welcome change for some homeowners. As always, we will keep you informed of the market impact.

Nicky also spoke about what is likely to happen in the housing market this year. Nicky Stevenson followed up by saying; “House price forecasts for 2021 range from mildly positive to greatly negative, reflecting uncertainties facing the economy and the housing market. The Dataloft consensus house price forecast, based on the average from five leading commentators, expects 0.9% growth in 2021. The Office for Budget Responsibility (OBR) forecast 1,111,000 residential transactions to complete in the year to March 2021, rising to 1,279,000 in the year to March 2022s."

If you need any help or guidance regarding property matters, please get in touch. As your local housing market specialists, we will do what we can to ensure you make your next house move in style. Contact Hunters Stoke Newington today for all your housing and letting needs.