July to August has seen the largest increase of year-on-year growth in the last decade. With a 92% increase in buyers registering interest, and a 38% increase in people registering to buy, now has never been a better time to be part of the UK property market.
The stamp duty holiday, announced by Chancellor Rishi Sunak as part of a package of measures to support jobs and the UK economy, means that anyone buying a property, could save up to £15,000.
The housing market had already started to move after lockdown, but estate agents report that since the announcement of the scheme, phones are now ‘ringing off the hook’.
- East and south east sales are up by 53%
- Towns and suburbs following closely at 43%.
- City centre locations have seen a 20% demand increase for city homes.
The demand from buyers has never been greater, with estate agents Hamptons International claiming that most of their sellers are receiving bids from 3 or more buyers. An analysis of their data also suggests properties are selling for 98.6% of their asking price.
The stamp duty holiday scheme has certainly had a desired impact on the property market. Much of the initial flurry of interest has translated into serious property sales, which has helped to massively boost the uk economy. In an environment where both the buyer and the seller are set to profit, there has never been a better time to get involved.
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