September has been earmarked as the earliest signs of a slowing in the current housing frenzy to a point of stabilizing for buying a new house.
Although the tapering of the stamp duty holiday is about to begin, the belief that the absence of any summer holiday plans thanks to restrictions from the Covid pandemic will see a continued surge in the housing market as the UK settles for a ‘summer of lifestyle change.’
A Change in One Season
Whilst traditionally the Spring and Autumn seasons see a usual influx of buyer activity year on year, the stamp duty holiday and prevention of lavish holiday breaks have created a desire for homeowners to change surroundings and for new buyers to the market to spend the year honing in on the opportunity to purchase their first home.
This has created a summer for the housing market unlike any other, where sales are being consistent with the regular high activity seasons.
This means that a relaxing period for those looking to buy property in Stockport will not witness a slow down until close to the year-end during the close in on the Winter months, with those looking at how to sell a house having an added level of interest in the summer season. Regardless, the housing market will see one of the busiest summer’s leading into the final deadline for the stamp duty holiday.
The demand for people buying a new house is still miles above of supply but that gap is beginning to get narrower as the weeks roll on and more properties are becoming available, as well as a slow in homebuyers coming to the market understanding they will miss the deadline against people wanting to sell their properties whilst the market is at an all-time high.
The number of sales being agreed has seen a huge jump, with record-low interest rates and stamp duty tax reliefs providing many with their first opportunities to afford higher prices, with the strong buyer demand to move indicating that this summer will provide strong numbers continuing. However, the desire and ability to move also rests on the availability of properties and new ones coming to market.
The increase in interest has also provided a surge in city-based people looking for buying a property advice in more rural areas such as Stockport or Cheshire, with more local estate agents Stockport seeing buyers and sellers more interested in smaller regional agents over high street chain brands.
To begin a summer where your location within the home can change, contact the team at Joules today.