Stamp duty discountsAlong with the surge in demand for garden homes since the pandemic, it has pushed confidence in the housing market to its highest level in four years, according to surveyors and real estate agents.
A net balance of 44% of Rics members registered a price increase, the strongest reading since 2016, according to its latest monthly snapshot. This compares to the 13% in July and represents a dramatic shift from the -33% recorded in May. Almost all of the UK is seeing price spikes. The one exception is London, where Rics members have reported that prices have remained fairly steady for the past two months.
Figures from Rics indicate an increase in interest in homes with gardens in the wake of the Covid-19 pandemic, with 83% of those surveyed expecting high demand for these homes over the next two years, and 79% expecting an increase in demand. Real estate close to Green Space.
Rex said the August recovery in the housing market was boosted by those looking to take advantage of the stamp duty holiday.
The cut, announced by Chancellor Rishi Sunak earlier this year, means no stamp duty is due on homes valued at less than £ 500,000 in England and Northern Ireland – and £ 250,000 in Scotland and Wales – with discounts higher than those applied. the border.
The net balance of 63% of surveyors and real estate agents reported an increase in buyer interest during the month (those who reported lower interest were deducted from those who experienced a slight increase). However, the long-term outlook is still more cautious.
“The UK housing market continues to keep pace with the momentum of the unbridled freight train, and the stamp duty deferred fuel not only motivates buyers to act, it also causes homes to sell for under £ 500,000,” said Mark Von Grunder, director of real estate in London, Penham and Reeves. Very good price.