We all have a lot to consider right now, but if you have any interest in the housing market, it is likely you will know all about the stamp duty holiday. This measure was introduced on the 8th of July, and the threshold stands at £500,000. The stamp duty holiday is expected to run until the 31st of March 2021.
With respect to the impact this measure is likely to have on the housing market, the Office for Budget Responsibility, the OBR, expected an additional 100,000 property sales to occur. It is far too early to determine whether the measure has been a success or not, but many property market professionals and interested parties are interested to see what impact the holiday has on buyers and vendors.
There is activity in the local Stoke Newington market
At Hunters Stoke Newington, we are pleased to say there has been additional activity on a local level. We have welcomed buyers and vendors, keen to find out more about the stamp duty holiday, and see what sort of impact it will have on the local housing market.
There have also been various findings from the national market. The overall consensus appears to be that new instructions are on the rise.
Iain McKenzie is the CEO of The Guild of Property Professionals, and he said: “Since the housing market reopened, our Members have been busier than ever with some saying they have never been as busy as they are now. Before the stamp duty announcement, the Guild was already leading the industry in the number of weekly new instructions, however, since the announcement, the number of new instructions pouring in has accelerated with the network listing over 2,700 new instructions each week. Last year, from 8 July to 22 July, the Guild network was listing around 1,800 new instructions a week, so we are seeing around 900 more instructions each week during 2020.”
Sales are being agreed in the current climate
It is great to see new instructions rising but many in the industry are more focused on agreed sales. This is a topic that Ian McKenzie has also spoken about. It looks as though the Sold Subject To Contract (SSTC) numbers for June of 2020 compare well against the June of 2019 figures.
McKenzie adds: “In July 2019 there were around 25,000 SSTC a week across the industry. This year there are over 35,000 SSTC a week with the figure showing no signs of easing up. Looking at the data, independent estate agencies are also leading the charge in terms of SSTC numbers, with Guild Members agreeing on sales on around 2,300 properties a week, up from approximately 1,500 in July last year. The closest corporate entity is at around 1,800 SSTC a week.”
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.