Housing market update
The mini-boom has continued throughout the summer months and it looks likely to be a very busy autumn as people look to take advantage of the Stamp Duty holiday, which closes on 31st March 2021.
Commuter towns in the East of England have seen the biggest annual rise in new listings since the Stamp Duty announcement, with newly marketed properties doubling in some areas, according to Rightmove. New listings in Wickford, Essex, rose by 105% compared to the same six week period last year.
Almost 94,000 properties were marketed across London, the South East and the East of England, more than 31,000 than the same period in 2019. There has been a 126% rise in the number of city residents contacting agents to buy a home in a village. Read our article on six reasons to escape to the country here and find out what’s drawing people out of town.
Nationally, demand has risen by 61% compared to the same period last year with the South East up 74% and East of England up 72%. Lettings demand is also up by 26% in August compared to last year and we have noted an increase in buyers who want to relocate, looking to rent initially whilst they search for their next home.
Alan Williams, Managing Partner commented “The Stamp Duty announcement had a huge impact on the property sector and coupled with people’s desire to create a better work-life balance, we have seen a huge spike in sales across our region.
East Anglia in particular is proving very popular and we have seen a surge in registrations from buyers who are looking to relocate from London and enjoy the very best of what Essex and Suffolk have to offer. Proximity to a train station suddenly seems far less important than access to green spaces and we have seen a rise in people looking for properties with a home office or a study.”
At Fenn Wright, we have an experienced team of Sales Progressors who take the stress out of moving. We will obtain proof of funds, perform chain checks and are in regular contact with solicitors and mortgage lenders, meaning we really do make a positive difference to the process.