Why is the Property Market Booming?

If you are finding that the properties of your dreams are getting snapped up before you can even get through the door to view, we promise you aren’t the only one! Here is some information on why the property market is booming right now.

In the Spring 2021 Budget, Rishi Sunak, the chancellor of the exchequer, chose to continue supporting the property market by extending the stamp duty holiday from the end of March to the end of June. After this date, the starting rate of stamp duty will be halved to £250,00 until the end of September.

There has been great enthusiasm for property purchase and this confidence continues. Home Truths Sales and Lettings has found there are a wide range of reasons behind the amount of motivation for moving home.

  • Lockdown restrictions have highlighted the importance of living close to family and friends.
  • A reassessment of lifestyle choices and the work life balance.
  • The increased use of virtual meetings and working from home has opened up the possibility of re-locating to our beautiful countryside.
  • A further boost for the property market was the budget announcement of the 95% mortgage scheme to help people with small deposits get onto the property ladder.

Details of how these schemes can help you are available through our mortgage advisers and, with homes selling quickly, it is important to speak with them first. Would you like to book an appointment with one of our advisers? Contact us to arrange an appointment on 01257 451 673.

There are many reasons to be optimistic about the booming property market. Houses are selling quickly, demand is still high. Over the last 12 months we averaged 104% of advertised value and our current average time to sell is 37 days. If you are thinking of moving do get in touch, we would be delighted to help.