Let’s take a look at the stamp duty holiday
Year-on-year rate of growth for the average house price has increased to 5% this year; a new record.
Since reopening in May, the housing market has been very active, in part, due to it playing catch up with numerous delays over the past two years. First Brexit, then a general election and, of course, lockdown.
With sales put on hold between March and May, buyers and sellers have been eager to get the ball rolling again over the summer months.
Chief amongst the reasons for the boom this year is, of course, the stamp duty cut, which has encouraged many first-time buyers to take advantage of the scheme and bring their plans for buying their first house forward.
An estimated 90% of buyers will be eligible for the stamp duty holiday, which applies to all homes under £500,000.
However, with the end of the year-long holiday fast approaching, many are trying to predict how this will affect the market.
Here at Seven Keys, we’re working tirelessly to ensure deals are completed ahead of the 31st March.
However, it is important for buyers to be aware of the possibility of missing out as lenders and conveyancers face a build up in demand which is inevitably slowing the process.
In general, estate agents in Gateshead, including ourselves, are recommending buyers to allow three months for a sale to reach completion.
This will likely result in a busy run up to Christmas and the new year followed by a slowing as the end of the holiday approaches.
However, it’s not all doom and gloom. Based on the patterns we’ve seen over the past decade (e.g. the 2008 recession and the increase in stamp duty in 2016). we expect that the market will regain momentum throughout quarter two.
About Seven Keys | Estate agents in Gateshead
Seven Keys is an independent, family run team of professional estate agents in Gateshead.
We offer a tailored service for buyers, sellers, renters and landlords to meet each client’s individual goals.
Launched by Ross Parker, Seven Keys is run by Ross and his siblings, Chelsey and Ryan. With the help of a dedicated team of qualified estate agents in Gateshead, Seven Keys offers expert advice on buying, selling and letting a property.
Your dedicated estate agent in Gateshead will take care of the advertising of your property, EPCs, solicitors and more so you don’t have to.
We offer a range of packages to suit all budgets and with fixed fees and zero commission, our charges are fully transparent and affordable.
With strong roots in the North East, our team has a deep understanding of the property market across Tyne & Wear, County Durham, Sunderland and Middlesbrough. If you have a property in the North East, get in touch today to arrange your free valuation.
Call us on 0191 497 1797 or email firstname.lastname@example.org