Budget 2021: Sunak announces stamp duty nil rate extension
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The stamp duty holiday may not be the only factor in pushing forward property sales over the coming months. New research from Ascend Properties suggests that the arrival of British Summer Time could see property sales increase even further. The leading nationwide Build to Rent specialist looked at market data on transaction levels and sold prices during BST and Greenwich Mean Time (GMT).
The data suggested that 282,131 homes were sold during the BST period between March 29 and October 25 which is a whopping 51 percent more than those sold the rest of the year.
Property markets were boosted the most in the North East where 62 percent more homes sold during BST compared to the rest of the year.
Yorkshire and the Humber saw 57 percent more property sales during BST, with the East Midlands (55 percent), North West (54 percent), South West (52 percent) and West Midlands (51 percent) also seeing more properties sell during the summer months.
London saw the lowest increase but still saw 42 percent more homes sold during the summer period.
But it’s not just transaction levels that could increase in the next few months.
Sold prices also increased by a whopping three percent during BST.
South East England, London, the South West and the East of England saw the biggest increases with homes selling for two percent more.
Yorkshire and Humber and the North East also saw sold prices increase by one percent with sellers finding their properties sold for between £2,000 and £10,000 more.
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Managing Director of Ascend Properties, Ged McPartlin, said the property industry usually “braces itself” as spring approaches because it’s widely considered the busiest time of the year.
He continued: “The market is already moving at an alarming rate due to the stamp duty holiday and the recently announced extension.
“But as the figures show it will start moving that little bit faster from next week as buyers return to the market from their winter hibernation ready to transact.
“This heightened market activity also brings a benefit to sellers who are likely to secure a better price for their home when selling during British Summer Time.
“Although current delays caused by such high demand are a concern, they’re unlikely to reduce anytime soon.
“So our advice to sellers would be to get their home on the market and make hay while the sun shines.”
ONS’s House Price Index, which was released earlier this week, found that house prices increased by 7.5 percent over the year to January 2021.
The average house price reached £249,000 in January 2021 which was £17,000 higher than January 2020.
Mr McPartlin said: “A 7.5 percent annual rate of house price growth in January is pretty monumental given the industry is usually dusting itself off from the Christmas break and yet to make it out of second gear.
“With transactions also up 24 percent, it’s clear that there’s been no let-up for the industry where the turbo-charged levels of buyer demand seen since the introduction of the stamp duty holiday are concerned.
“With an extension now in place until September for most, we can expect these manic market conditions to remain and house price growth to continue upwards for most, if not the remainder of this year.
“It’s also reassuring to see that it’s not just London and the South East benefitting, with the North West leading the way with the strongest levels of price growth seen on an annual basis.
“Double-digit house price growth of 12 percent is huge and really demonstrates the economic momentum building in the region.”
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