Half-year property sales are twice the five-year average
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Over the past year, the property market has seen an unprecedented number of sales being agreed and then completed, particularly in the run-up to June 30, the original cut-off date for the more generous Stamp Duty Land Tax (SDLT). This beneficial relief has now been tapered back until the end of September when it will be phased out and SDLT rates will revert back to their usual level.
During the first half of 2021, Stags, the East Devon estate agents, managed to secure the sale of more than twice the usual number of properties that it sells in a six month period, compared to the five-year average. In addition, some Stags offices reported property sales numbers that were three, if not four times the average amount.
Undoubtedly, this increased interest generated significant pressure on buyers, sellers and their professional advisors who, for the most part, were successful in completing sales before the end of June. The South West, in particular, has proven to be a ‘honey pot’, attracting many relocating home buyers, as well as people moving within the region.
Commenting about the high sales figures seen across the South West, Kevin Clarke, of the Honiton office of Stags said: “Our team has been incredibly busy and hardworking throughout 2021 and the six months before that, following the unlocking of the property industry in May 2020. Though numerous transactions have been completed this year, one sale that I was particularly impressed with was Moorlands Farm in Sidbury which sold after 25 viewings and 10 offers, making significantly over the £900,000 guide price, with the buyer coming from the locality.”
He added: "What is most encouraging is although there were predictions that the property market would see a marked decrease in activity once the SDLT deadline had passed, this is far from the case. We will perhaps see a gradual return to a more measured market."
While sales listings are starting to increase, they are still lagging behind the number of people willing to buy, resulting in a continuous supply and demand issue. House prices are likely to rise even further until the supply of homes catches up with demand.
For those people thinking of moving during the latter part of 2021, it may be a good time to seek property advice.
The Honiton office of Stags can be contacted on 01404 45885.