End of stamp duty holiday - what will happen to property prices?
The rush is on….according to Rightmove, between last July and end of February there are currently 131,000 homes worth over £250,000 marked Sold Subject to Contract in England, still trying to complete before the June stamp duty deadline. But what will happen to those that miss the deadline? New research conducted by Rightmove among buyers expecting to benefit from the stamp duty holiday has found that only 4% would abandon their plans to buy a property if they missed either the June of September deadline in England.
Gary Wilkin who heads up our land department has recently spoken to a couple of local estate agents said “I expect house prices will drop marginally, particularly as buyers have already suggested that they will use the situation as an excuse to renegotiate contracts. Along with historically low interest rates and a healthy demand for housing, a price change could be minimal”.