Property market - a cliff edge?
You may well have picked up articles about the property market falling after this initial stamp duty freeze ends. However, this couldn’t be further from the truth as far as I’m concerned, and here are the reasons why I think that the market will be very strong for the rest of this year:
- There are thousands of sales currently being negotiated across the West Country, most with several buyers competing, despite all of them knowing that they will not be able to complete their intended purchase in time to save the £15,000 maximum saving.
- There remains a strong demand for all types, classes and values of properties across the West Country.
- There continues to be a significant shortage of new instructions coming to the market.
- With the ongoing restrictions on travelling abroad, there remains a notable desire for buyers to purchase a second home.
- Owing to the ability for home working, buyers are increasingly looking to relocate from London and the South East to the West Country, often before retirement. In any event, with good mainline railway connections back to London, a mid-week office trip is readily possible.
It doesn’t take a deep understanding of economics to understand the effect of an overwhelming desire for homes in the West Country far outstripping the supply of them. Consequently, myself and all the agents I speak to believe that the property market will continue to perform well for the rest of 2021 and quite possibly throughout 2022 also.
James Baker, Partner of Stags in the South Hams and Office & Property Sales Manager