Here at Grace Miller we are always looking at the numbers and the trends that effect property values, as well as supply and demand of properties. Both in London and at the wider UK – to ensure we can offer the best advice to our customers.
Now that the Covid-19 situation has become more stable, we are able to advise our customers with more certainty and confidence than at previous points in the pandemic. Covid-19 and the Government’s stimulus packages have created some time dependent opportunities for property buyers and sellers.
Below, we take a look at the data, supplied by our property partner; Zoopla.
Property demand is remarkably high.
The above graph shows that UK property demand is up far beyond the place it was at the beginning of lockdown, there are many factors involved here, including pent up demand during lockdown, a trend for people moving out of inner city areas to more suburban areas and the Government’s Stamp Duty stimulus.
Demand by UK regions show a new trend.
The available data shows that every region of the UK has seen a large uptick in demand, the interesting thing to note here is that unusually, London is not the leader of the pack. However, that does not mean that demand in London is low, it is exceptionally high. What is more likely to be happening here is that with the unknown elements of Covid-19, people are deciding to move to more rural areas instead of buying in inner city ones.
The biggest driving factor: Stamp Duty savings.
The largest influence on the current high demand across the UK is the reduction in Stamp Duty on the first £500,000 value of properties purchased before April 2021. The above map shows the average savings, per £1000 of property value, across all regions on the UK.
Looking to buy or sell? Now is the window of opportunity.
While the Stamp Duty reduction is set to last well into 2021, the end of the furlough scheme in October may disrupt demand, as well as the potential availability of mortgages. That is why now is very much the time to act if you are looking to sell or purchase a property. If you are unsure of the best way to get the most out of a property move, we are happy to offer free advice to our customers. Please call us on 020 8605 1300 or fill in our contact form and we will get in touch.
