What is the next scheme that will light a fire underneath the UK property market?
Now the Stamp Duty deadline has passed we are seeing just how much of an impact the tax break had on driving activity in the UK property market since the turn of the year.
According to recent reports from respected property portals, such as Rightmove, 2021 has seen the most active first half of a year on record, whilst this frenzied period has led to a sharp rise in average prices.
Whilst there are a number of factors behind the mini-boom we have recently seen, including continued low-interest rates, people returning to work following the second lockdown and changing needs in buyers’ demands – from more space to less need to live so close to the office – the SDLT holiday extension was an added incentive that got people moving.
According to Rightmove, from January to June 140,000 more sales were agreed on than the long-term average, but there were 85,000 fewer new listings in the same period, which has led to a shortfall of over 225,000 properties on the market.
In Lehmann’s terms, supply has not been able to keep up with demand and what we will likely now see is a slight cooling off of activity, whilst the market catches up. From our own perspective, as an active property investment and development company, we have sold out our last three developments, launched in the past 12 months, in record time. Leaving us searching for new projects to progress, sooner than we would have anticipated.
So, once we’ve all caught our breath, what is the next scheme that will reignite the market and boost activity once more? To continue reading this article please click here
Source: Property Reporter