The end of the stamp duty holiday is upon us, but first time buyers will continue to benefit
What does the future hold for the local Leicestershire housing market with the end of the stamp duty holiday?
Zoopla has just reported annual house price growth of 7.4% in the year to August 2021 in Leicester. The property market is moving at its fastest pace in five years, with homes consistently under offer in less than a month.
Having removed a full-blown stamp duty holiday at the end of June, the UK government will withdraw its remaining temporary stamp duty relief in days. First time buyers are not affected by this and do not have to pay any duty on first time purchases up to £300,000 outside of London.
Despite the removal of these tax breaks for homeowners, which have meant savings for home buyers of up to £15,000, Zoopla reports that there has been “little evidence of a change to buyer behaviour” in recent months and “no sign of a cliff-edge of demand”.
After a quieter July, property sales bounced back in August and look to be stabilising as a result of the end of the tax break, when we should see buying and selling more normalised.
Clare Phillips of Phillips George Limited said; “The local property market is resilient, and we do not foresee a collapse in activity, but a less frenzied market, where a greater balance between supply and demand will be restored. Although some will see the end of the stamp duty as loss for future transactions, the impact will not be as great as appears on the face of it, as higher selling prices and pressure on the housing market swallowed up much of the benefits touted by the tax break. It remains to be seen how much those selling actually gained once the market settles down.”
“We anticipate a healthy local housing market over the autumn, and with the frenzied feeding of the pandemic market receding, it is still a good time to buy and sell your home with less competition pushing up prices to unrealistic levels.”
The good news is that if you have a family home to put on the market, you are likely to be able to secure a top price and a quick sale. Get in touch with us to find out how you can make the most of your property sale.
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Clare has been in the industry since 1998. Her career started as an administrator and she has worked through each role in estate agency from negotiator, sales progressor, valuer, manager and culminating in opening Phillips George as a co-founding partner. Through Clare’s career she has obtained professional qualifications with both NAEA (national association of estate agents) and ARLA (association of residential letting agents) to ensure that she delivers a first class service to all of her clients. Clare’s favourite part of estate agency and lettings is helping customers achieve their goals and making the process as smooth as possible for them.