Busiest Property Month on Record
According to property giant Rightmove July has been the biggest month since they started records over 10 years ago. The stamp duty changes made by Chancellor Rishi Sunak certainly delivered in expectation of a gigantic kickstart to the property market.
Figures show that £37 billion of property sales were agreed in the month of July alone. This bucks the usually property trend where the market quietens over the summer months as people jet off on their annual summer holidays.
The emergence out of lockdown has created a perfect storm for the property market with customers flocking to the market due to:
- Holidays abroad being cancelled with flight and quarantine restrictions.
- Huge stamp duty land tax reductions for all main home purchases.
- Government protections on personal income due to the furlough scheme.
- People desiring larger homes with gardens and a move to the suburbs after experiencing lockdown in smaller city centre apartments and flats.
- Working from home becomes the new norm and additional space is required.
A number of areas are seeing all time high asking prices as the market becomes seller led. The greatest demand is for more rural areas and 3+ bedrooms but overall all aspects of the market are performing very well. The exception to the rule is London and the South East where there is a desire to move to properties with more space.
The buoyancy of the property market will be tested going into the latter parts of the year when sales and purchases tend to slow down naturally alongside the ending of the furlough scheme. At which point it will become evident if recession and job loses will take its toll on the market.
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