Increase in demand for properties over £300k
In this article we look at the surge in interest in the respective property pricing brackets
- The stamp duty holiday has led to a 14% surge in calls and emails to agents. Properties priced between £400–£500k have seen the biggest increase in interest, 49%. In 2019 they only represented 8% of sales, therefore we may see a shift in the distribution of transactions in 2020.
- Properties priced between £500–£750k have also seen a surge in interest, 40%, representing 7% of sales in 2019. Properties priced over £750k have seen an 11% surge, representing only 4% of sales in 2019.
- For properties priced less than £300k, the stamp duty holiday will not save first time buyers any money and homeowners only £5k. Therefore, they have only seen a 1% increase in demand.
- With the stamp duty holiday benefiting homeowners and investors the most, particularly those with bigger budgets, we are likely to see increased demand for higher priced properties over the next 8 months.