Market News
So the stamp duty holiday is finally over. There has been much talk as to whether we would have some sort of ‘cliff edge’, which would subsequently cause the market to drastically slow up and prices to fall, however, this is not the case.
The graph below indicates that the stamp duty offer was not a primary driving force on the property market. It actually enforces the fact that the other contributing factors such as supply and demand along with the simple search for space has been the main driving force, underpinning the property market and house price growth.
Our View
We never expected the market to drop off once the stamp duty holiday has ended as the search for space is still huge.
Although younger professionals are wanting to venture back into the city centres close to the amenities, families are still wanting the gardens and commuter towns which will keep pushing the market in an upward direction.
Manchester Property | Liverpool Property
Property Selling within 30 days
Another factor is still the distinct lack of supply. Demand is 35% higher than what we saw in 2017 with the average property taking less than 30 days to sell which is the quickest it has ever been.
Our View
As a company, we have seen first-hand how quickly property is selling at the moment. A new development scheme of 200+ units that we would launch, normally takes 8-10 months to sell and is now selling within 2-3 months.
We feel that the market is going to continue at a fast pace, much higher than what we would usually see at this time of year. We will only start to witness it levelling out in early 2022 once supply reaches a more recognisable level.
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Located in Redhill, Surrey, this development has just been voted one of the best commuter belts to London and is set to witness great growth as the area feeds off the much higher Rigate area which is only 10 mins away and the average property price £600k+.
