What’s happening in the residential property market as we head into 2021?

Stamp Duty Holiday: Calls for an extension

The stamp duty holiday on properties up to £500k is due to end on 31 March, but many are urging the government to extend the deadline. They argue that an extension would not only help avoid a cliff edge in spring, but it will take the pressure off buyers desperately trying to complete before the deadline where our third national lockdown is only adding to the delays already being felt by the industry.

A recent survey of 1,000 buyers, conducted by The Guild of Property Professionals, found that 31% said they would pull out of their purchase if they were not able to complete before the incentive ends.

Nationwide House Price Index

Nationwide’s latest report show that house price growth rose 7.3% in 2020 – a six-year high.

All regions saw an increase in house price growth rates at the end of the year, the South East was up 8% to an average price of £296,291, coming in second only to the East Midlands (up 8.6%).

The rise can be partially attributed to the Stamp Duty holiday just mentioned, but it is also a result of many people re-evaluating their needs because of lockdown. Many want to move from densely populated areas and increase the space available to them.

We’re still open

We take the safety of our customers and our staff very seriously. Although we’re still open during this new national lockdown, we are continuing to follow the strict rules we put in place back in May, while still delivering the service you’ve come to expect from us. These include Covid secure viewings that adhere to social distancing and government guidelines, and virtual viewings in the first instance. We have some excellent software in place that allows you take a tour around a property on all floors and into all rooms. For more information on how we are ensuring safe viewings, please see our May blog. Some of us are working from home but we’re still here, helping you to buy or sell your property. If you are shielding or concerned about access to your home, we can also carry out virtual or desktop valuations.

Please get in touch with our Residential Sales team if you’d like to try and take advantage of the stamp duty holiday before it ends.

Wishing you a happy and healthy New Year from the Oakley team.