MARKET UPDATE
With more buyers than properties for sale, Armitstead Barnett have agreed a good number of sales since the start of 2021, with people hoping to make the most of the stamp duty holiday, writes Hannah M Towers BSc (Hons) MRICS FAAV MNAEA, Partner and Head of Agency
Many people have been considering selling their property but have been waiting to see what happens in the budget with stamp duty and what the return to more normal times might look like. The government have now extended the stamp duty holiday with the nil rate band up to £500,000 until the end of June 2021, then with a nil rate band being applicable up to £250,000 until the end of September 2021, and set out a path for getting us back up and running as far as possible.
There is a shortage of properties coming to the market, which means there is a high level of demand for properties that are new to the market. The number of sales that are with solicitors is also higher than this time last year. Since the start of the year Armitstead Barnett have agreed two and half times more sales than the same period in the preceding year. Many vendors and purchasers were looking to move ahead of the initial end of March deadline. Our teams have been working diligently and relentlessly to make sure that every transaction is nurtured and moved along to give sales the best opportunity to exchange and complete ahead of the deadline or on schedule, as far as possible.
Coupled with this, we have seen a rise in demand for more rural properties, those with multiple reception rooms and open living, those with good sized gardens, land or in quieter spots. The rise of home working and making different lifestyle choices has really aided the rural property market.
Our work has altered a little in recent times as we have many buyers and sellers in a ‘chicken and egg’ situation. We hear it daily: “We would sell, but we can’t find our next property.”
The current Covid-19 guidance states that you can only view a property if you are in a position to make an offer. In many cases purchasers need to sell their own home before they can offer and therefore view. In this situation we understand that it takes a leap of faith but you will be well supported by the Armitstead Barnett team. Our job is to manage expectations on timescales of both the buyer and seller, with the aim to facilitate a move. Sometimes that means slowing things down, or speeding things up to meet your needs. We are here to guide you every step of the way.
We encourage those who are thinking of selling to place their home on the market and be in the driving seat, due to the current market’s strength and opportunity to save costs on your next move. We have various marketing options, from full marketing and exposure through to private listings – yes, sales are being agreed both on and off market.
Armitstead Barnett
5 Church Street, Clitheroe BB7 2DD
abarnett.co.uk
Ribble Valley 01200 411155
North Lancashire 01995 603180
Cumbria 01539 751993
South Lancashire 01704 895995
