Looking forward to the housing market after the stamp duty holiday
Summer is traditionally a quieter time for house sales, and this summer has been no different. What is different this year is the circumstances of the market after lockdown and the stamp duty holiday.
There is no doubt there was a rush to complete before the end of the tax break, but what is not certain is the future of the market. The doomsayers warned of a collapse in the market this autumn.
However, that is not how it is panning out. While there are warnings from the London press about the market in the capital, it looks like prices will continue to be buoyant in Leicestershire and the rest of the country outside of London.
Clare Phillips, Partner at Phillips George Limited said; “After a great deal of uncertainty, we are looking forward to being busy for the rest of the year, with a strong market as buyers and sellers continue to want to move and improve.”
The market is perfect for sellers and improving for buyers.
Here is why. Record transactions towards the end of the tax break has created a mini housing shortage making this an ideal time to sell. At the same time the conditions for the buyer will continue to improve for the rest of the year because house prices will no longer be artificially inflated.
The growth rate for house prices is anticipated to run at 6% for the foreseeable future as the effect of the rush to buy in June will last well into next year. This means the value of your home will remain strong, while sales will also continue to be strong, without the same pressures we saw in the first half of the year.
You might not know how much your home is worth
Get in touch with us whether you are buying or selling. The team at Phillips George is ready to help you get moving. We are a local, independent, and experienced team, ready to help you find your ideal home, while achieving the best from your sale.