The housing market soars after Stamp Duty announcement


The housing market soars after Stamp Duty announcement

Posted on Monday, August 17, 2020

Britain’s housing market has seen a ‘mini boom’, with buyers seeking homes with gardens and enough space to facilitate working from home. Meanwhile, sellers are also making the most of the Stamp Duty holiday, following the government’s announcement last month.

Despite the UK-wide lockdown inflicting a minor hit on house prices for three consecutive months, demand is picking back up again.

A report, published by Rightmove, stated that in the five days following chancellor Rishi Sunak’s statement about the decreased tax rates, the number of property sales across the UK rose by a staggering 35%, in turn, nudging house prices to a record high.

The analysis also showed that the average price of a property coming on the market in Britain reached £320,265 in July – an all-time high since the report first began back in 2001 – and a massive surge of 2.4% from the £312,625 that was recorded in March this year.

The transition to working from home is also a factor, as homeowners go in search of more space for their money, a peaceful location, and a large garden. With less concern about commute duration, more house hunters are exploring rural locations for their next move.

Here at Applegate Properties we have been receiving a huge influx of calls and enquiries –with a fantastic response to properties going live for sale or rent over the past few weeks.

As always, each member of the Applegate team is dedicated to providing an enjoyable and seamless customer experience while taking all the necessary safety precautions to meet social distancing guidelines. Get in touch to find out how we can help you today.

Sound like your kind of people?
Then we would love to hear from you.