PROMOTION All Change... Local property expert Julian Rich from Garrington Property Finders discusses the sweeping changes being seen in the property market and what it means for anyone contemplating moving over the coming months The short notice announcement back in May that the Government was allowing the property market in England to reopen was followed in early July by the Chancellor providing an immediate cut in the Stamp Duty Land Tax (SDLT) up to £500,000 for all property purchases until 31st March 2021. Whilst neither announcement was slowdown as the market attempted to right ieself. If this trend repeats itself, then the property market in April next year may grind to an uncomfortable halt and we may be asking ourselves ifartificially boosting the market now simply kicked a problem down the line. Julian Rich GAENGTON a complete surprise as rumours had been circulating around the industry and in the media beforehand, the rapid implementation caught many unprepared. Another concern is if sellers see this buyers' gift as rather one sided and look to increase prices or negotiate less, then this will artificially skew property prices going forwards. The surge in activity may also increase competition for certain properties, potentially increasing offer prices. typically the quieter months of January through to March. The generosity of the handout means that around 90% of homebuyers in the coming months will pay no SDLT at all, saving up to £15.000 - a significant amount which will easily cover most moving fees and leave many with a 'nest egg' to invest in their future property or save for a later day. Of course, the changes to SDLT will not influence those who do not have to buy The immediate efects of these two changes were that there was a sudden onslaught of pent-up demand from buyers. Selling agents were then reporting that the volume of increased enquiries was perpetuating a buying 'feeding frenzy' in some price bands. In the case of the SDLT changes, the already energised market saw a fresh surge in activity, with property portal Rightmove reporting a 22% increase in website traffic within 30 minutes of the Chancellor's announcement and a subsequent hike in asking prices and number of properties going under offer. Other changes to be aware of In an attempt to boost the construction industry, the government has also announced its plans to reform planning laws, effectively making it a lot easier to gain planning consent. Of course, this will bea welcome opportunity for some but for others, this presents a threat. Buyers need to be more careful of where they sell or who are wary of possible longer-term price reductions reported in some parts of the media. However, this significant windfall may encourage those who were in two minds whether to move, to consider are purchasing because a sleepy village today may have an unexpected housing developement in the future. entering the market. The result of the above is that the property market and businesses which support it are likely to be busy in the coming months, thus helping to kick-start the economy. How the SDLT changes might affect the market? On the positive side, by making the changes to SDLT effective immediately, the Chancellor put a helpful stop to the uncertainty which could have dampened the market once the initial surge of activity had abated. This was further boosted by the extended timescale of this initiative, helpfully boosting the market in what are Caveat emptor Buying property has always been a tricky business, which often requires both the head and the heart to engage. The changes which have come into play, are likely to make a complex business much harder to read and more competitive, so getting proper local expert advice has never been more important. It may not be all good news Looking back on history, when the government last eased the SDLT burden, we sawa short burst of activity which led to demand outstripping supply, a subsequent hike in prices and then a significant If you are looking to buy a property and would value some advice on the local market, Garrington offer a commitment free discussion with Julian Rich who would welcome the opportunity to share his knowledge of the area and the dynamic market that exists: 01423 206055 info@garrington.co.uk www.garringtonnortheast.co.uk PROMOTION All Change... Local property expert Julian Rich from Garrington Property Finders discusses the sweeping changes being seen in the property market and what it means for anyone contemplating moving over the coming months The short notice announcement back in May that the Government was allowing the property market in England to reopen was followed in early July by the Chancellor providing an immediate cut in the Stamp Duty Land Tax (SDLT) up to £500,000 for all property purchases until 31st March 2021. Whilst neither announcement was slowdown as the market attempted to right ieself. If this trend repeats itself, then the property market in April next year may grind to an uncomfortable halt and we may be asking ourselves ifartificially boosting the market now simply kicked a problem down the line. Julian Rich GAENGTON a complete surprise as rumours had been circulating around the industry and in the media beforehand, the rapid implementation caught many unprepared. Another concern is if sellers see this buyers' gift as rather one sided and look to increase prices or negotiate less, then this will artificially skew property prices going forwards. The surge in activity may also increase competition for certain properties, potentially increasing offer prices. typically the quieter months of January through to March. The generosity of the handout means that around 90% of homebuyers in the coming months will pay no SDLT at all, saving up to £15.000 - a significant amount which will easily cover most moving fees and leave many with a 'nest egg' to invest in their future property or save for a later day. Of course, the changes to SDLT will not influence those who do not have to buy The immediate efects of these two changes were that there was a sudden onslaught of pent-up demand from buyers. Selling agents were then reporting that the volume of increased enquiries was perpetuating a buying 'feeding frenzy' in some price bands. In the case of the SDLT changes, the already energised market saw a fresh surge in activity, with property portal Rightmove reporting a 22% increase in website traffic within 30 minutes of the Chancellor's announcement and a subsequent hike in asking prices and number of properties going under offer. Other changes to be aware of In an attempt to boost the construction industry, the government has also announced its plans to reform planning laws, effectively making it a lot easier to gain planning consent. Of course, this will bea welcome opportunity for some but for others, this presents a threat. Buyers need to be more careful of where they sell or who are wary of possible longer-term price reductions reported in some parts of the media. However, this significant windfall may encourage those who were in two minds whether to move, to consider are purchasing because a sleepy village today may have an unexpected housing developement in the future. entering the market. The result of the above is that the property market and businesses which support it are likely to be busy in the coming months, thus helping to kick-start the economy. How the SDLT changes might affect the market? On the positive side, by making the changes to SDLT effective immediately, the Chancellor put a helpful stop to the uncertainty which could have dampened the market once the initial surge of activity had abated. This was further boosted by the extended timescale of this initiative, helpfully boosting the market in what are Caveat emptor Buying property has always been a tricky business, which often requires both the head and the heart to engage. The changes which have come into play, are likely to make a complex business much harder to read and more competitive, so getting proper local expert advice has never been more important. It may not be all good news Looking back on history, when the government last eased the SDLT burden, we sawa short burst of activity which led to demand outstripping supply, a subsequent hike in prices and then a significant If you are looking to buy a property and would value some advice on the local market, Garrington offer a commitment free discussion with Julian Rich who would welcome the opportunity to share his knowledge of the area and the dynamic market that exists: 01423 206055 info@garrington.co.uk www.garringtonnortheast.co.uk