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Stamp duty holiday sparks home-moving frenzy

Blog > News > Stamp duty holiday sparks home-moving frenzy

It's fair to say that the stamp duty holiday has motivated many thousands of you to get moving this year.Chancellor Rishi Sunak's new tax holiday, which runs until 31st March next year, means lots of home-movers can make pretty sizeable savings.

Well, commuter towns in the East of England have seen the biggest annual rise in new listings since the stamp duty holiday was unveiled.

The top five areas, all in the southern commuter belt, have seen the number of new properties coming to market double compared with the same six-week period in 2019.

Harlow in Essex is where new sellers have been most tempted to come to market, with the number of new listings up 121% compared to the same time last year.

How have things changed where you live?

Hertford (up 113%), Wickford (up 105%), St. Albans (up 100%) and East Grinstead (up 98%) make up the top five, which are all within a 70-minute train commute of Central London.

Increased demand in these towns, measured by people phoning and emailing estate agents, is also massively outstripping the growth of available stock, as fast-paced local markets are creating a rapid turnover of properties for sale.

Nationally, demand has risen by 61% compared to the same period last year, while the top performing regions are the South East (up 74%), and East of England (up 72%).

This latest data follows a Rightmove study from July which revealed that homes priced between £400,000 and £500,000 in the southern commuter belt have an increased chance of selling as this is where buyers are set to make the biggest savings thanks to the stamp duty holiday.

What are the experts saying?

Our resident property expert Miles Shipside explained that there are a number of reasons why sellers are deciding to come to market right now.

He said: "We always knew that the stamp duty holiday was going to be a big incentive for people to get moving this year, and it's certainly sparked a home-moving frenzy across commuter towns in the south of England.

"Thousands of sellers are being tempted to come to market in these areas for a number of reasons. Firstly, lots of buyers stand to make pretty sizeable savings thanks to the stamp duty holiday - particularly in the southern commuter belt - so now seems as good a time as any to press ahead with home-moving plans.

"We're also seeing a growing trend of people looking to move out of urban areas and into smaller towns, with homeowners in built-up areas reassessing their housing needs and looking for places with more outside space. Lastly, proximity to a station doesn't seem to be as important as it once was, meaning sellers in these commuter towns are looking to move a little further afield as working from home becomes a more permanent way of life."

Source: Rightmove

Date: 04/09/2020 | Author: GPO Team

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