The UK Property Market Races Away
James Forrester, Managing Director of lettings and estate agent Barrows and Forrester, commented:
"Having stuttered along on empty pretty much since the EU Referendum, the UK property market has now raced away at an alarming rate.
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This has been largely due to the incentive of a stamp duty reprieve and with this carrot now dangling until as late as September for some, we can expect more of the same for the remainder of the year."
The Positive Benefit Of The Stamp Duty Holiday
Marc von Grundherr, Director of lettings and estate agent Benham and Reeves, commented:
"We simply cannot underestimate the positive benefit the stamp duty holiday has brought to the market. A benefit that is more than clear when you analyse house price growth since it was implemented at the back end of last year.
With such a success story in otherwise uncertain times, you could have quite safely bet your house on the fact the government would extend the current deadline. With this real estate adrenaline shot now being administered for months to come the outlook remains very positive.
Do spare a thought for the army of property professionals working tirelessly to keep the market moving though. While Rishi is sat at the wheel, they are the nuts and bolts that have enabled the market to remain operational.
Many are working day and night to clear the current backlog and secure homebuyers a saving and so while delays are inconvenient, it’s the archaic selling process that is at fault and not our industry."
Homebuyers Desire Bigger Homes
CEO of Keller Williams UK, Ben Taylor, commented:
"In the current landscape, homebuyers desire bigger homes and more outdoor space and we’ve seen this trend drive the market forward pretty much since the initial lockdown of last year.
With the government slashing the initial financial barrier to buying in the form of 95% mortgage availability, homebuyers are even better placed to expand their property expectations and secure a home that meets their requirements.
As a result, a higher turnover of larger, more expensive homes is likely to stimulate the market further and keep the rate of house price growth on its upward trajectory."