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The stamp duty holiday has certainly resulted in a busier market as prospective purchasers seek to benefit before the deadline expires. In March this year the number of residential properties sold was twice as much compared to the same time last year.
However, as the market has got busier we have seen it has become more of a vendors market. Prospective buyers are willing to pay more than they would otherwise and forecasters have predicted an average increase of 4.4% by June compared to the same time last year. This certainly is good news for both buyers who look to benefit from the stamp duty holiday and for vendors who as a result have a very busy market.
The market therefore does appear to be in a strong position and this has been further boosted with the government backed 95% mortgage scheme which has now gone live. There is therefore an increase in first time buyers in the market as the government continue to push their initiative to turn ‘generation rent’ into ‘generation buy’.
So all in all the market does seem to be in a good position despite the challenges we have all faced over the past 12 months’. As ever, if you require any assistance or have any queries please do not hesitate to reach out to our dedicated Conveyancing team on 0808 1685643.
May 11, 2021
Lindsey is a Solicitor and Partner and Heads the Residential Conveyancing department.