With the stamp duty holiday incentivising buyers, we shouldn’t be surprised to see a stronger level of competition in local markets like the West Hampstead market. Buyers have a chance to lower the overall cost of buying property in this area, which is always a motivational factor for prospective buyers.
With the Office for Budget Responsibility (OBR) expecting an additional 100,000 property sales related to the stamp duty measure, the rest of 2020 is likely to be a busy year in the housing market. However, when the stamp duty holiday is set to end, another change is set to start in the housing market, and the combination of these measures will likely add to demand for London property.
In April 2021, there will be an additional surcharge placed on overseas property buyers. Therefore, any foreign investor who is considering buying property in London is advised to purchase property before then, as this will save them money.
A foreign property investor who buys in the Camden borough before April 2021 can expect to enjoy a saving of more than £32,000. This is a substantial amount of money, and it is easy to see why this provides an incentive for buyers to enter the market.
West Hampstead has a lot to offer overseas buyers
There was a spell when overseas buyers would only look for property in the most expensive parts of the capital. This is no longer the case. Property in West Hampstead is still expensive compared to the London average, but it represents a more affordable price for some buyers.
West Hampstead vendors can capitalise on heightened demand for property
If plan on selling your home in West Hampstead, having an increase in willing buyers in the housing market is no bad thing. If you would like to connect with willing buyers, please get in touch and we will be happy to assist you. We recommend starting with a property valuation, and we are more than happy to arrange this for you, so please get in touch.
Marc von Grundherr, a noted figure in the London housing market said; “The recently implemented stamp duty holiday has not only rejuvenated domestic buyer demand, but we’re also seeing foreign buyers starting to return to the capital in their numbers. In fact, the vast majority of our buyer interest coming from Asia has only been concerned with homes falling under the £500,000 threshold.”
Marc continued by saying; “London remains the pinnacle of homeownership for many foreign buyers, and while a ramped-up level of stamp duty will be hard to swallow, it certainly won’t deter buyers in London’s high-end market. However, with many rushing to make the most of the savings currently on offer, any negative price trends that have plagued the capital in the last 12 months are sure to be short-lived as demand starts to outweigh supply.”
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 West Hampstead today for all your housing and letting needs.