Increase in demand for properties over £300k
5th August 2020
The stamp duty holiday announced by government has led to a 14% surge in calls and emails to agents. Properties priced between £400–£500k have seen the biggest increase in interest, at 49%. In 2019 they only represented 8% of sales, therefore we may see a shift in the distribution of transactions in 2020.
Properties priced between £500–£750k have also seen a surge in interest, 40%, representing 7% of sales in 2019. Properties priced over £750k have seen an 11% surge, representing only 4% of sales in 2019.
For properties priced less than £300k, the stamp duty holiday will not save first time buyers any money and homeowners only £5k. Therefore, they have only seen a 1% increase in demand.
With the stamp duty holiday benefiting homeowners and investors the most, particularly those with bigger budgets, we are likely to see increased demand for higher priced properties over the next 8 months.
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