Property Housing Market Report: August
The future
Key statistics
Following the reopening of the housing market in the UK, demand has increased and a stamp duty holiday was introduced to help sustain momentum. Newly agreed sales are reportedly strong and house prices seem to be holding up. The Government has vowed to use this momentum to build new homes and infrastructure, promising a £5bn new deal and introducing new laws to parliament to support new housing and boost town centres.
Sales were up by 5.2% in the South West of the UK, in the last 12 months, compared to the previous 12 months.
Despite the economy’s slow recovery, the months ahead look positive. Low mortgage rates will help support higher prices and the stamp duty holiday will help maintain demand. The OBR central scenario expects 750,000 transactions in 2020. Given 444,280 competitions in the first six months, the current momentum and stamp duty holiday, this could be an underestimation.
Read more about changes in Stamp Duty here and the Land and Buildings Transaction Tax in Scotland here.
If you want to start searching for your dream home, in the UK or overseas, our Fine & Country agents are experts in the premium property market. Find your nearest office to begin your property search today.
4th Aug 2020
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