According to the latest Zoopla House Price Index, this will be the busiest housing market for more than a decade, as buyers rush to beat the stamp duty holiday deadline.
The housing market is set to have its strongest December for more than ten years with house prices growth already having been pushed up to 3.5% which is the highest since December 2017 – and up from 1.2% in December 2019. In addition, house price inflation is expected to reach 4% by 2021. In Glasgow house price growth is currently 2% and in Edinburgh it is 3.2%.
Although the pandemic saw the housing market effectively close from March until June, since it re-opened there has been an unprecedented housing boom following pent up demand, a re-evaluation of housing priorities along with the rush to take advantage of the stamp duty holiday. The property sales pipeline is 50% larger than December 2019 with Zoopla reporting 1.1m homes to complete by the end of the year.
In Scotland, sustained buyer appetite and more properties on the market has boosted new property sales agreed, currently standing at 38% higher than a year ago.
Interest and transaction levels are set continue for the remainder of 2020 with estimates in the run up to Christmas looking to be the strongest in over a decade.
Stamp Duty Holiday
Until the end of March 2021 there is a stamp duty holiday – LBTT here in Scotland – which means you don’t pay tax up to £25,000 and up to £500,000 in England. The Zoopla research & insight team has predicted another spike in demand in January, as buyers make a last-minute attempt to beat the deadline. However, buyers need to move quickly to make the tax saving and have everything in place.
Clyde Property is a leading independent, multiple award-winning estate agent with over 30 years’ experience in selling and letting property in Scotland. Just call your local Clyde Property branch today, for friendly, impartial advice on letting and renting property.
