Headlines report 'highest ever' buyers, properties for sale and house prices, but will it last? Jon Summers, Head of Agency is confident it will
‘Record numbers of new prospective buyers registered during the Summer’
‘Un-precedented demand for property across the region’
‘Buyers seeking to escape city life for coast and country’
‘House Prices jumped to a new high in August’
‘August sees the highest number of homes put up for sale since 2008’
These are typical headlines recently, as the property market enjoyed a record-smashing summer. But will it last?
Jon Summers, Head of Agency with Symonds & Sampson sees no signs of activity easing in this part of the world. The market is still being fuelled by a post-lockdown desire to move – to move area, upsize or downsize. The timeline to move before 31st March will probably be stronger than the autumn headwinds caused by the end of furlough, as people rush to beat the stamp duty deadline. By raising the threshold from £125,000 to £500,000 until March 31 next year, the Chancellor slashed the stamp duty bill to zero for 90% of buyers, and those purchasing homes worth more than £500,000 still have to pay some tax, but could save as much as £15,000. Interest rates are at an all-time-low, mortgages are very cheap, particularly for buyers with a sizeable deposit.
The COVID-19 pandemic has enabled many of us reflect on our lifestyles and review our future needs. Symonds & Sampson’s offices across the region are experiencing a high demand from buyers seeking to relocate to our region, particularly those seeking to escape the commute. Many already successfully working remotely are realising that they work just as effectively in Devon, Dorset, Somerset or Wiltshire as they can from London or the Home Counties. Those with young families are keen to relocate to enable their families to benefit from good educational facilities as well as the clean and fresh air. The pull of the stunning countryside and coast continues to entice retirees with many bringing forward their plans to relocate.
Regionally the stamp duty holiday is encouraging many to take advantage of the saving to upsize or downsize depending on their life stage. The investment market remains strong with a turbulent stock market and low interest rates cash continues to be invested in property with holiday rentals providing an attractive yield.
If you considering a move, our experienced team of property experts would be delighted to assist you.