Market Watch reports that demand is outstripping supply by more than at any point in the last ten years, and there are record levels of new buyers making enquiries, according to property portal Rightmove.
The start of the spring selling period has seen agreed sales up by 12 per cent in the first week of March, compared to the same period in 2020, despite a shortage of housing stock.
This means that two out of three properties on agents’ books have sales agreed, subject to contract.
Tim Bannister, Rightmove’s Director of Property Data, said: “Concerns of a cliff edge for the housing market at the end of March have dissipated.”
“Partly due to the tax deadline extensions in all of the UK bar Scotland, but also because the already high level of buyer demand caused by the lockdowns has continued to surge since the start of the year.”
He said that demand will be boosted even further from April with the government guaranteeing lenders access to five per cent mortgages.
The strong sellers’ market is good news for those wanting to put their homes on the market, said Bannister, and the spring season will put a spring in the steps of sellers and buyers.
During his Spring budget, Chancellor Rishi Sunak announced that there would be an extension to the Stamp Duty holiday.
It was set to finish at the end of March but will now carry on until 30 June, meaning that if you are buying a home for £500,000 or less, you still won’t pay any stamp duty. This extension is likely to spur a new wave of both sellers and buyers in Spring, addressing the current imbalance between supply and demand.
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