The first stamp duty holiday deadline has now passed, and we can all sigh a slight relief after the sheer numbers we’ve all seen transact.
Much was predicted about the rush to get in before the stamp duty deadline, however we’ve seen that buyers and sellers aren’t solely focussed on timescales. Both seem to be much more focused on their individual priorities rather than pushing and rushing for the deadline.
According to Rightmove 96% of buyers planned to stick with their property purchase even if they missed the June deadline, or miss the September deadline too. However, a quarter of buyers did suggest that they would try to renegotiate the price with the seller. Which is something that I have seen in small numbers across the Andrews network.
Buyers are prioritising the right property over a rushed move to save some money, with the ‘race for space’ being much more of a factor in people’s property moves.
And the idea of missing out on the stamp duty holiday certainly hasn’t deterred buyers from the market as demand is still 55% higher than the average across 2019. It’s clear that lifestyle changes during the past year are certainly still a key factor and driving force within the market.
There has been no significant changes to house price demand, property prices or fall through rates in the last month or so despite the first stamp duty holiday coming to an end, which leads me to believe these worries that so many in the industry had won’t materialise this year.
There is so much support out there for both buyers and sellers that I truly believe that now is the time for agents to really show their worth and educate and advise those thinking about making a move, or in the middle of a transaction about what options are available.
It is our responsibility, along with working closely with our mortgage advisers to make sure we are helping each customer with their individual needs and requirements and making sure that we provide all options available.
With the use of agent jargon and legal language the property market can often feel overwhelming and scary for those buying or selling for the first time, so it is our duty within the industry to make this as stress free and welcoming environment as possible. Outlining the different options when it comes to the government support is just the first step that all agents should be offering.
I’m delighted that additional support is, and has been available, during the last 18 months specifically, but I am looking forward to seeing the how the first stamp duty deadline affects the market. Although initial results look as if it hasn’t been affected too much it’s likely that as we edge close back to the normal in life that the property market will also edge back to the norm and become more balanced as time goes on.
*Vince Courtney is Sales Director at Andrews Property Group