BLB Solicitors
  • +01225 755656
  • info@blbsolicitors.co.uk
BLB Solicitors
  • +01225 755656
  • info@blbsolicitors.co.uk
  • Home
  • Services for You
    • Conveyancing Solicitors
    • Leasehold Property Rights
    • Property Dispute Solicitors
    • Divorce, Family Law and Mediation
    • Lifetime Planning and Wills
    • Probate and Estate Administration
    • Personal Injury Compensation
    • Medical Negligence Solicitors
  • Services for Business
    • Commercial Property
    • Commercial Property Dispute Solicitors
    • Corporate & Commercial Legal Advice for Business
    • Estate Management Solicitors
  • BLB Solicitors Locations
    • Almondsbury Solicitors
    • Bath Solicitors
    • Bristol Solicitors
    • Bradford on Avon Solicitors
    • Swindon Solicitors
    • Trowbridge Solicitors
  • About Us
    • Our Team
    • Working for BLB
    • BLB Solicitors – How we work
    • Making Payments to BLB Solicitors
    • Instructing BLB Solicitors
    • Terms of Business
    • Complaints Policy
  • Blog
  • Contact Us

Home » End of Stamp Duty holiday fails to dampen the housing market

Conveyancing
Upwards pointing arrow supported by 4 hands
Oct 26th, 2021

At BLB Solicitors, our goal is simple – to deliver you clear, practical legal advice and cost-effective solutions. We hope you enjoy exploring our Blog. If you can’t find what you’re looking for, please do contact us.

End of Stamp Duty holiday fails to dampen the housing market

Residential Property specialist, Victoria Cranwell, considers figures released this month by Rightmove supporting evidence on the ground that the housing market is as busy as ever.

To discuss your conveyancing requirements, including requesting a conveyancing quote, our conveyancing solicitors are available on 01225 462871. Alternatively, you can contact them by email, or by completing the Contact Form at the foot of this page. Conveyancing quotes are also available online.

The approaching end of the Stamp Duty holiday in September triggered a modest cooling of the housing market, which was widely expected to continue into early 2022. But as we have moved through October, news from our conveyancing teams and estate agents across the region suggests the dip was just a temporary one.

Indeed, this word from the coalface is supported by the Rightmove House Price Index for October 2021. It suggests the price of properties coming to the market his month have increased on average by 1.8% or £5,983, the biggest October rise since 2015.

Record house prices across the regions

For the first time since March 2007, the market has seen price records in all regions of the country and in all property market sectors – first-time buyer, second stepper and top of the ladder.

According to Rightmove, the average asking prices for each region this month are:

  • South West – £359,906
  • North East – £167,935
  • Yorkshire and the Humber – £221,291
  • North West – £232,639
  • East Midlands – £267,095
  • West Midlands – £263,008
  • East of England – £396,232
  • London – £650,683
  • Wales – £237,830
  • Scotland – £174,934

In terms of the type of property, the average price of a typical first-time buyer home is now £210,672, with the cost for buyers taking their second step reaching £315,486, and £630,819 for those reaching the top of the property ladder.

Why is the market still so strong?

It’s apparent that although the incentive of the Stamp Duty holiday stirred many people to action – buyers and sellers – there was also a sizeable number in both camps keen to wait for the feeding frenzy to end. The figures from Rightmove suggest this was the case even before the guillotine fell on 30th September. The number of sales agreed in September – when there was no expectation of meeting the deadline – was up 15.2% compared to 2019’s ‘normal’ market comparison.

As nervous eyes turn to the Bank of England’s Monetary Policy Committee, it’s also apparent that some buyers are keen to take advantage of a window of opportunity before a potential rise in interest rates.

While the number of new properties coming to market has increased since the summer, it’s still insufficient to satisfy the current strong demand from buyers. And this is probably the primary factor in driving up prices.

Victoria Cranwell
Request a Call Back

Recent Articles

  • The advantage of meeting your conveyancer
  • Bank of Mum and Dad: protecting gifted deposit monies
  • New build conveyancing: a guide
  • Selling without an estate agent
  • Types of survey when buying a house

Newsletter Sign-up

* indicates required

Share this article

You may also like...
  • Mar 10th, 2022
    Can I exchange and complete on the same day?
    Read Article
  • Mar 22nd, 2022
    Selling without an estate agent
    Read Article
View All Related Articles
Get in-touch today
Contact Form

Left Column

Right Column

Centre

 
Sending
  • Bristol Solicitors

    0117 905 5308
  • Bath Solicitors

    01225 462871
  • Bradford on Avon Solicitors

    01225 866541
  • Swindon Solicitors

    01793 615011
  • Trowbridge Solicitors

    01225 755656
  • Almondsbury Solicitors

    0117 905 5308
Authorised & Regulated by Solicitors Regulation Authority (No. 636644)
©2022 BLB Solicitors | Terms | Privacy | Legal