Spring Property Market Update - CT Postcode and Countrywide
Utilising the latest data provided by Zoopla, we bring you all you need to know about the CT Property Market....
The homes in England with no stamp duty bill*
Hundreds of thousands of home movers who purchase a home in the coming months will benefit from the stamp duty tapered extension, paying no purchase tax at all if the property they are buying is priced at up to £250,000 and they *complete the sale before September.
Zoopla data shows that the regions where buyers have the most choice for a stamp-duty ‘free’ purchase are in the North of England, with more than 70% of listings in Yorkshire and The Humber, the North East and North West of England priced at under £250,000.
These markets are in pole position to take advantage of the Chancellor’s Budget announcement.
With homes moving from listing to sale agreed more quickly than ever, this will give potential vendors time to benefit from the increased buyer interest that will come during the stamp-duty holiday. Buyer demand is still running 13% higher this year than last year.
Rents continue to tick up outside London
The latest Zoopla data on rents shows that average rents outside London rose by 2.6% in the year to February, up from 2% in December last year, as demand for rental property continues to outstrip supply.
Rents are rising most strongly in the North East, up 5.2%, and the South West, up 5%, while they are lagging in the West Midlands, up just 0.5% on the year.
Rents are still declining in London, falling by -9.8% over the last 12 months, with negative pressure largely coming from central London markets. However, the rate of quarterly decline in rents in London has eased to the most modest rate since before the first lockdown last year.
Mortgage data shows that buy-to-let investors became more active in the market during 2020, and many will look to take advantage of the tapered stamp duty holiday in the first half of this year.
Investor activity continues to rise during the stamp duty holiday.
Faster moving sales markets
The time taken from listing to sale agreed outside London has fallen by nearly a week over the last year. It now takes 44 days on average to sell a home, down from 50 days last year, underlining the demand in the market at the moment.
When it comes to type of property being sold however, there is a divergence in trends. While the time taken to sell a house has fallen from 49 to 42 days on average, the time taken from listing to sale agreed has risen from 55 to 62 days.
This now means that houses are selling nearly three weeks faster than flats at the beginning of the sales process.
The sheer level of activity in the market means that from sale agreed to sale complete is now taking longer, a further reason for buyers to act fast.
Buyers need to move quickly in this market, especially if they are buying a
house, where the time to sell is now less than six weeks.
Policy Update
• The range of 95% mortgages continues to expand, with Danske Bank and Coventry Building Society both re-entering the market last week after the Chancellor’s announcement of a Government mortgage guarantee for those with smaller deposits at last month’s budget. The scheme opened for
business on April 1st.
• All employers can now register to receive free COVID-19 tests under the Government’s workplace testing programme. The tests will remain free until the end of June, and employers should sign up before 12th April 2021.
• The Scottish First Home fund re-opened on April 1st, offering first-time buyers with a 5% deposit up to £25,000 on a shared equity basis to help them buy an existing or new-build property. A new tranche of £60 million is available under the scheme.
AND CT POSTCODE SPECIFIC DATA
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01227 763888 - Canterbury
01304 611227 - Sandwich
01304 809800 - Dover
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