As Stamp Duty Tax Relief ends, Boxall Brown & Jones have been rushed off their feet with plenty of exchanges to complete.
As many know, in recent months there has been a home buying frenzy because of the Stamp Duty Tax Relief. This has made the UK property market run red-hot, hitting record-breaking levels with buyer demand and price increases. At the same time, we have seen supply hit lower figures, as properties fly off the shelf.
Despite the property market madness, there is no sign of this cooling down according to research. The economy is performing better than expected, mortgage interest rates are at lower levels, meaning that robust buyer demand could remain even after the stamp duty holiday deadline.
According to research, more than half a million homebuyers in England are expected to benefit from the stamp duty holiday, which equates to £3.4bn worth of savings.
Chris Birds, Partner at Boxall Brown & Jones said “we are starting to see that as the stamp duty relief begins to phase out, there are indications that there is less of an urgency to move. However, buyer demand remains extremely high as many of our properties are sold within a week of going to market. We expect to see this super-charged activity for at least the remainder of the year.”
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