As the Stamp Duty Holiday comes to an end you may be wondering how this will affect not only your home but also the wider housing market. In July 2020 the Government froze Stamp Duty on the first £500,000 of the property. This was initially only for 3 months but then was extended to a year. Over the past year we have witnessed a surge in house prices and a decrease on properties available on estate agents books. Many properties barely had their for sale signs go up before they were sold above and beyond asking prices. This has been attributed to the government's stamp duty holiday, so as this closes what can you expect to see?
There are visible signs of a slowing down in the property market but according to Rightmove there is still a strong buyer demand. It is predicted that the market will remain at this level of intensity until early 2022. House prices in the South West have increased by 11.4% with properties selling faster than ever recorded, resulting in fewest properties available for sale per estate agent of any region in England.
In short the housing market will remain much the same for the foreseeable future with the re-addition of Stamp duty. House prices are not expected to decrease for quite some time, as there will remain a shortage of available housing stock, so you may not see quite as many offers being made and slower completions as home buyers are no longer pushing to meet the end of the stamp duty tax relief.
If you would like a valuation please call our sales office.