The recovery from the Coronavirus economic shock appears to be well underway, with many outlets now suggesting that the economy began to recover around early May, when the country was just about to begin emerging from lockdown conditions.
The recovery from the Coronavirus economic shock appears to be well underway, with many outlets now suggesting that the economy began to recover around early May, when the country was just about to begin emerging from lockdown conditions.
As it happened, estate agents were actually one of the first retail outlets to re-open under the new guidance, and although many had predicted that demand may spike due to pent up demand, few predicted that it would be sustained and even last through the summer.
Many have indeed had to wait to continue or complete a transaction that they had previously planned, but many were part of a surge in demand that the pandemic itself created.
It was created in the main because, when people were forced to spend such a prolonged amount of time in their houses, with the prospect of months or even years more of uncertainty ahead of them, suddenly the focus moved away from location over amenities (smaller homes with fewer features in city centres), suddenly it was all about comfort and space.
Especially for those with children, faced with an unprecedented time at home with little or no entertainment, the need for space and gardens became imperative. The uncertainty caused by a global pandemic with no set end date, and new potential lock downs now sporadically occurring, appear to have caused a demand for housing that will last the test.
Stamp Duty
There is of course another reason to consider when analysing the surge in demand for property, and that is that the chancellor, Rishi Sunak, recently announced that the government would suspend stamp duty until next year.
As The Guardian reported, both of the factors mentioned above appear to have surged demand even higher than ever.
In the report it was mentioned that ‘Between 8 July and 8 August, the number of people registering to buy across the country was up by 38% on the same period last year, boosted by the stamp duty holiday on properties costing up to £500,000’ according to Hamptons International.
Aneisha Beveridge, the head of research at Hamptons International, said ‘The number of people looking to buy a home has risen across every region in Great Britain since the announcement, with southern areas recording the biggest increase,’ she said. ‘It’s in these regions, where house prices tend to be higher, that buyers stand to gain the most from the holiday. With space topping buyers’ wish lists’
With that in mind, it appears that now is very much the time to ensure that you’re going to get the best price, ensure you’re avoiding stamp duty, and getting the best properties in your area before demand surges any further.
As with anything, demand drives prices upwards and this will quickly become a seller’s market, so if you’re looking to sell then now is probably time to set the wheels in motion and get talking to an agent so that you can get your property valued with a view to getting the best possible price in the best possible conditions.
