The housing market picks up and appears to be going through a mini-boom.
As we leave lockdown and homeowners take advantage of the temporary stamp duty holiday, buyers are looking for gardens, bigger outside spaces and extra rooms for home working.
Rightmove reported that July so far is up by 75 % for same time last year for buyer enquiries. 44% of homes that have come up for sale since May 13th are now under offer compared to 34% listed in the same time last year.
What do the experts say?
Lucian Cook, director of residential research at Savills, believes the pandemic itself has driven demand, saying: “The experience of lockdown has made people reassess what they want from a home. Despite the economic backdrop, this has unlocked demand from financially secure families looking for more space in particular.”
Miles Shipside, a Rightmove director and its housing market analyst, said: “The unexpected mini-boom continues to gather momentum as more nations reopen.
“The busy-until-interrupted spring market has now picked up where it left off and has been accelerated by both time-limited stamp duty holidays and by homeowners reappraising their homes and lifestyles because of the lockdown.”
It’s clear that whilst sellers and buyers are reviewing their living and working life, the stamp duty holiday has definitely helped stimulate demand.
The pressure of the Government’s furlough scheme coming to an end in the autumn and the possible threat of a second spike, a short price boom seems to be inevitable.
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