Is Stamp Duty Holiday Impacting Demand Already?
25th August 2020 posted in Sellers Buyers
When it comes to the property market and determining the impact new measures have on buyers, there is a considerable lack of patient. No matter what changes have been implemented, industry analysts and observers are instantly looking to see if demand has changed or if there is a heightened level of activity.
The stamp duty holiday has been in effect for just over a month, and already you have a lot of industry experts clamouring to see the impact
At Hunters West Hampstead, we are pleased to say we have worked closely with many interested buyers and vendors of late. We know there is demand for homes right now, and it is good to see this is backed by figures from leading UK housing market specialists.
Industry experts are analysing the market on a daily basis
Rightmove’s property expert Miles Shipside said: “This move will help to keep the nation and wider economy moving because keeping the current momentum going will help prevent destabilising falls in property prices as unemployment grows, and enable a quicker economic recovery. Lockdown prevented 175,000 would be sellers from coming to market so we hope this Stamp Duty holiday will provide the spur for those missing movers to come to market.”
Miles continued by saying; “They will find there’s currently record demand for their properties from prospective buyers, with Rightmove enquiries to agents now double what they were before lockdown. Home-movers will be grateful that the changes come into effect straight away so they don’t have to delay their plans, and what we could see now is people rushing to get a price agreed before some sellers put their prices up in the hope people will be able to pay more because of the tax savings.”
Stay in touch with Stoke Newington house prices
Information provided by Dataloft and Rightmove is always good to review when it comes to determining how the market is performing, and there is interesting information to consider.
Rightmove states; “Properties around West Hampstead had an overall average price of £1,011,322 over the last year. The majority of sales around West Hampstead during the last year were flats, selling for an average price of £737,637. Terraced properties sold for an average of £1,303,689, with semi-detached properties fetching £2,625,182. Overall, sold prices around West Hampstead over the last year were similar to the previous year and similar to the 2017 peak of £1,001,906.”
Information from Rightmove and Dataloft suggests the stamp duty holiday has led to a 14% surge in calls and emails to agents. Homes priced at more than £750,000 have experienced an 11% surge in demand. In 2019, properties in this price range represented 4% of sales, so it isn’t a massive part of the overall market, but it is a crucial component of the West Hampstead housing market.