It is fair to say the stamp duty holiday has led to increased activity in the housing market. There are significant savings on offer for buyers in and around Stoke Newington, and we have assisted many local buyers and vendors in recent weeks.
However, there is another reason why areas such as Stoke Newington might see an increased level of buyer demand.
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.
Overseas buyers have an incentive to buyer sooner rather than later
Of course, with the stamp duty holiday in place, and the deadline being the 31st of March 2021, you have an added reason why foreign property buyers are likely to act sooner rather than later when purchasing property in the London market.
It used to be that overseas investors would focus on prime London property areas. However, in recent times, this is no longer the case. The more affordable areas of London are now in high demand from investors from other countries, which means areas like Stoke Newington are of interest.
Stoke Newington vendors can capitalise on heightened demand for property
If you are a vendor in Stoke Newington, having more buyers in the housing market is no bad thing. If you are keen to connect with any buyer, we can help. The most sensible starting point is to arrange a property valuation, and we are happy to help you with this.
If you are looking to purchase property in Stoke Newington, there might be additional competition, but we can help. Contact Hunters Stoke Newington today and we will do our best to assist you.
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.”
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.
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.