Property site, Rightmove, has reported that this is the strongest sellers’ market in a decade, due to the Stamp Duty holiday extension, combined with continued high demand for property1.
This spring has seen demand for property up 34% on the same period last year, driving up the price of property coming to market by an average of £2,484 in March alone. The property site commented, “the current excess of buyer demand oversupply is the largest we’ve seen in the last ten years.”
Recent announcements bolster market
The continuation of 2020’s property boom can be partly attributed to some important announcements made by the Chancellor in the Spring Budget. Firstly, he announced that the temporary Stamp Duty threshold of £500,000 would continue to apply for a further three months until the end of June, tapering down to £250,000 for another three months before returning to its usual £125,000 threshold from 1 October. Secondly, he unveiled a new government guarantee on 95% mortgages, which could bring first-time buyers flooding back to the market.
Warmer weather puts a spring in buyers’ step
Blue skies and blooming gardens have historically made spring the best season for property transactions, allowing sellers to present their property in the best possible light. The first week of March has certainly borne this theory out, with the number of sales agreed up 12% on the same week last year.
These factors, combined with a general air of hope as England makes its slow ascent from lockdown, is certainly making for a positive atmosphere on the property market this spring!