House prices rose in September at the fastest rate since the aftermath of Brexit four years ago, according to the latest report from the Nationwide.
Pent up demand, the stamp duty holiday, low interest rates and a collective desire for more space in our homes are potent factors in the property market at the moment.
The requirement for more space has always been one of the primary drivers for people looking to move but the lockdown has added a more urgent dynamic to the mix with buyers keen to secure a bigger house, with space to work from home, as the work/life balance continues to shift under the ominous threat of further lockdowns.
We are seeing unprecedented levels of activity in the housing market across all five of our offices. And with over £88million of successful property sales in September alone, we are witness to all of the driving factors playing out on a daily basis.
Mark Peck, Head of Residential Sales at Cheffins comments: “The hunt for more space is on. Three and four bedroom properties are very popular but we are also seeing an influx of buyers looking for large homes outside of London, whether it’s the market towns or the villages.
The impact of the stamp duty holiday is very much in evidence with buyers keen to get on with the business of moving house to take full advantage of the tax break before it comes to an end in March 2021. Anyone completing on a main residence costing up to £500,000 before then will not pay any stamp duty, and more expensive properties will only be taxed on their value above that amount. That is a very powerful incentive to move house now for a lot of people.
First time buyers have traditionally been the engine room of the housing market for the last decade or so. There is now more movement among existing homeowners courtesy of lockdown, which has forced many of us to re-evaluate what we want in a house, resulting in a shift in the mix of moving households. First time buyers still remain a key buyer group in the marketplace and despite the reduced availability of higher loan to value mortgages, the saving on stamp duty is a big influence.
At Cheffins we agreed sales on a total of 191 properties from all five of our offices in September and we anticipate this level of activity will continue over the coming months. Prices will remain buoyant while demand outstrips supply. If you would like to discuss selling your property please give myself or any one of our teams in Cambridge, Ely, Haverhill, Newmarket or Saffron Walden a call and we can advise you on how best to proceed.
Image: 6 The Green, Duxford is on the market with Cheffins' Saffron Walden office (01799 523656).