How Did the Housing Market Perform in July?
According to PropertyMark’s report, 31% of properties sold for more than their original asking price. As well as this, supply of properties increased, with around 15 buyers being interested in each property over the month of July.
This is positive news for the housing market, as it shows there is increased interest in property from the previous year. The UK has continued its uplift in property demand since the Covid-19 pandemic, which presents a good opportunity for those looking to sell their homes.
How Has the Pandemic Affected the Housing Market?
While the Covid-19 pandemic is still making waves across the UK, increased vaccination rates and the removal of lockdown measures has made it much easier, and much more appealing, to purchase property for homebuyers in the UK.
Not only has the end of lockdown proved to be a driving force for the housing market in 2021, but the Stamp Duty Land Tax (SDLT) holiday has also had a significant impact on sales. The SDLT holiday, which was put into place to help keep the housing market afloat, came to an end in June, resulting in a surge of property purchases before the deadline. Since the start of July, the SDLT threshold has been lowered to £250,000.
What’s in Store for the Rest of 2021?
According to PropertyMark’s report, the market is still “moving in the correct direction”, with the supply of property beginning to increase. The number of homes selling for over the asking price has also started to even out, meaning the property market is showing more signs of stability for the rest of the year.
It’s also predicted that, with the Stamp Duty Land Tax threshold set to return to its original figure in October 2021, that the market will even out further once spending habits “return to normality” in a post-Covid UK.
How We Can Help
With our extensive knowledge of the housing market, as well as the factors that can impact it, we’re here to help advise you on the sale or purchase of your next property.
If you’re looking to sell or purchase a home in Tamworth or the surrounding areas, such as Lichfield or Sutton Coldfield, please get in touch with a member of our team to see how we can support you. Call 01827 311412 or email [email protected] to contact us today.