As the Stamp duty concession takes effect
On July 9th the most welcome initiative from Chancellor Rishi Sunak revived a market gasping for air when he abolished stamp duty on homes worth up to £500,000. The change took immediate effect and remains in place until March 2021. It represents huge savings for buyers, with an average saving of £4,500 and a maximum saving of £15,000 for a property priced at £500,000.
Now we have lift off! As soon as sellers are ready to sell, buyers are ready to buy. The predicted fall in prices has been wiped off the slate and asking prices, unless overly ambitious are being paid very near the mark, if not in full. The question begs itself what will happen next March when the concession is due to expire but so tough has been the going, we’re not looking that far ahead, just making hay while the sun shines.
We had expected our selection of property for sale to increase following the lock down. Although we are pleased to have welcomed a healthy number of new instructions to our register, the total has barely risen as the majority find a buyer within just a few days of being advertised.
It really is a case of it’s the early bird that catches the worm. If buyers hoping to snap up the home of their choice don’t have the cash and or mortgage in place, they’re well advised to line up a buyer for their own sale or the chances are they’ll be disappointed time after time.