JULY 2020 Market Comment
After the pent-up frustrations of lockdown, we have some very good news to report:
Firstly: The housing market has now re opened in Wales with viewings on occupied homes now allowed again.
Secondly: The Welsh Parliament has announced a boost for buyers in the housing market with the raising of the LTT (Land Transaction Tax) threshold from £180,000 to £250,000* (*subject to terms)
If the idea is to kick start house sales then this is certainly doing the trick. There are plenty of buyers around, enjoying low interest rates too, but stock is woefully low, with 15% fewer properties available than this time last year. This boost will encourage people thinking about moving to do so immediately, as the concession expires in March 2021.
This additional activity will in turn generate knock-on sales and inspire even more confidence in a market that has come out of lockdown with only slight bruising. Indeed, before the LTT concession was announced, over 85% of movers said they still planned to move, despite the effects of the pandemic. The survey of over 2,000 movers was conducted by a property portal, who also predict that annual house price growth will hold at around 2% over the coming months as a result of renewed demand and overall activity.
What will happen as soon as the LTT holiday comes to an end is yet to be seen, but hopefully it will coincide with people coming to terms with lifestyle adjustments and being able to make longer-term housing decisions. Another portal has already reported that over 12% of movers are actually doing so as a result of virus-related living/working changes.
For the time being, if you are considering moving up, moving down, moving on or moving out, there will be no better time than right now to do so - and that’s not just bullish agents’ speak - this is exciting!
Do let us help you quickly and safely move home in this fantastic market.
Please call us on:
#Holyhead - 01407 760500 / firstname.lastname@example.org
#Bangor - 01248 355333 / email@example.com
#Llangefni (Sales) - 01248 751000 / firstname.lastname@example.org
#Caernarfon - 01286 677775 / email@example.com
Property Management - 01248 724040 / firstname.lastname@example.org
You might be pleasantly surprised!