The stamp duty holiday has had a positive impact on the UK housing market already. Local and national figures suggest many buyers have been incentivised by the saving provided by the Chancellor of the Exchequer.
Are you looking to move?
Information provided by the property group Andrews for July 2020 suggests:
Viewings rose by 29% compared to the previous months’ viewing figures
Physical viewings increased by 45% in comparison with the previous month
In July 2020, there was close to 6,000 viewings, which equates to around 200 viewings per day
In April 2020, the average was 20 viewings per day
There was a rise of 12% with respect to offers made and accepted by vendors in July 2020
Instructions rose by 22% in July compared to June figures
While it is pleasing see figures of this stature nationally, we have seen local activity increase too. We have welcomed many buyers and vendors in recent weeks.
David Westgate, is the Group Chief Executive at Andrews Property Group. David said; “What a difference four months makes. In April viewings and instructions across the industry fell off a cliff as the country was gripped by coronavirus and the Government asked us to stay at home. But the rebound has been swift as lockdown eased and the Chancellor’s stamp duty announcement at the start of July gave the market a timely boost.”
Vendors have been boosted by the stamp duty holiday too
There is no denying the stamp duty holiday is fantastic news for property buyers, but it is also tremendous news for vendors too. With so many more willing buyers looking for property, homeowners can feel more confident about stepping on to the market.
David also said; “Buyers and sellers alike have shown renewed vigour in the past six weeks. With a lengthy window of opportunity to purchase before the stamp holiday comes to an end, we expect buyer activity to remain buoyant over the coming months. And we saw an immediate uplift in valuations and instructions since stamp duty was frozen, with sellers keen to take advantage of motivated buyers and more confidence to list thanks to stable house prices.”
There will be many challenges to overcome in the housing market, but there is no reason why these cannot be overcome. At Austin Property Services, we aim to provide you with a high level of support and guidance, utilising our expertise in the Bournemouth housing market.
David Westgate also said; “It won’t be all plain sailing from here, but the Government has shown how important it sees a healthy and stable property market for the general wellbeing of the overall economy. And house prices have proven to be extremely resilient in the past when faced by strong economic headwinds, which suggests the market is well placed to cope with some potentially heavy bumps in the road ahead.”