So the property market continues to grow and reach new heights, growing at the fastest rate since 2007 as you will see below.
One of the biggest reasons for this as we all know is due to the stamp duty holiday that the government brought in which has been a massive success and has boosted the UK property market massively.
The other key factor is the 95% mortgages which are helping first-time buyers get onto the ladder, which again provides another boost as it is crucial for the property market to keep pressing on as it allows first-time buyers to become second-time buyers.
We expect to see solid growth continue in the market however, we do feel that it will slow down slightly especially in London and the south. The stamp duty holiday for properties up to £500k has now ended where it has a larger impact.
Number of Transactions
The number of property sales that went through in June was the highest it has been since October 1988, recording a massive 213,120 sales as people pushed the sales through to beat the stamp duty deadline.
As you can see from the chart below, the last we saw this type of surge in transactions was back in 2016 when the government decided to bring in the additional 3% stamp duty charge on second homes.
Obviously now the stamp duty holiday has ended for homes up to £500k we expect this to fall back to a reasonable level. However, we do expect to see a similar surge in September when the holiday ends for properties up to £250k, mainly being driven from the North of the UK.
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Team of the Month
As you may know, we typically like to highlight one team members performance every month however, this month it was just too difficult to single out one individual.
The whole team at Flambard Williams was exceptional with us having one of our best months since the company first began back in 2012 which comes from the hard work of all our team from the sales floor to the aftersales team and management.
Every person has gone above and beyond working late at night and even at weekends, just to ensure that every client receives the service they deserve.
What makes it even better is that this has been acknowledged by clients who have worked with us this month.
Thanks to Everyone!
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