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    9 July 2021

    What now for the housing market?

    House prices reached a record rise of nearly 9% in 2021 as the UK property market enjoyed a property boom. With the first stamp duty holiday deadline behind us, as of 30th June 2021, what does the housing market look like for the later part of 2021?

    On average, nearly two in five (39%) Brits took advantage of the Stamp Duty Holiday last year, many making significant savings of up to £15,000. Now that we have reached the ‘Stamp Duty deadline’, many sellers and purchasers are now happily in their new homes, having saved thousands of pounds by completing in time. However, many buyers have been left in a position where they did not complete in time and are now facing losing their dream home or are sellers facing sale prices renegotiated.

    We are proud to have overseen every property transaction that had to complete before the stamp duty holiday, through to completion in time, while ensuring all our clients received the same level of client care and remained just as important during the last few months.

    Conveyancing over the years has become a fast-paced, predominantly online, transactional process and solicitors in this industry have come under significant pressure to provide professional and highly technical service at cheaper rates. However, the latest end to the stamp duty holiday easing has highlighted the importance of choosing a quality solicitor who, indeed, may be slightly more expensive but offer significant benefits than selecting a so-called ‘bulk conveyancing firm’ for cheap fees.

    New enquiries indicate that couples and families are still keen to get on the housing ladder or move up into their forever homes despite the first Stamp Duty deadline ending.

    There may be a risk that demand will outstrip supply, with many first time buyers taking advantage of a government-backed scheme that will help the first time buyers or current homeowners secure a mortgage with just a 5% deposit to buy a property. The Mortgage Finance Gazette reports an average of 16 buyers for every available property.

    It is unclear what the property market will look like post 30th September 2021, when the second phase of the stamp duty holiday will finish. Still, it is likely that certain properties will consistently achieve a higher demand due to location.

    If you have a conveyancing matter you would like to discuss with the team, or you are looking to buy your first home, please call 01603 598000 or email info@steeleslaw.co.uk, and a member of the team will be happy to assist.

    We regularly post news updates and practical tips relating to residential property; please see our Conveyancing news page for more information.

    *The information provided in this article is designed to provide helpful information on the subject, not to provide specific legal advice.

     

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