Property Rebound Forecast Before Stamp Duty Holiday Ends

The rebound in the property market is expected to continue over the next few months, as people look to buy ahead of the end of the stamp duty holiday, which is available on properties up to £500,000 until March 2021.

Figures from Zoopla suggest that over 100,000 additional house sales will be seen in the first three months of next year, with buyers trying to complete purchases before the stamp duty holiday comes to an end. The number of new sales agreed is 38 per cent higher than it was 12 months ago, the Guardian reports.

London and the south of England have seen the biggest boom in property sales since the summer, with seven per cent more sales recorded than in 2019. Buyer interest has helped to push house prices up by 3.5 per cent, which is the highest level of growth seen in nearly three years - and this is expected to see further increases by the end of the year.

Director of research and insight at Zoopla Richard Donnell said: “It has been a rollercoaster year for the housing market, which is ending on a strong note with demand and sales agreed still more than 30 per cent higher than this time last year.”

To take advantage of the stamp duty holiday before it ends, start the process as soon as you can, as it can take months to sell your current home and buy a new one. If you do need to sell a house first, instruct a conveyancer at the time of going on the market to help ensure that everything is done properly, with issues ironed out sooner rather than later.

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