“Almost as soon the Brexit decision was “concluded” late last year, we were hit by the pandemic at the beginning of this,” says independent estate agent Alasdair Morrison.
“Four years of uncertainty about Brexit and sluggishness in the housing market was condensed into a sudden bottle neck of demand from buyers, which was then frustrated by three months of lockdown.
“The subsequent reopening of the housing market and the Treasury’s Stamp Duty Land Tax (SDLT) concession, which means buyers can save as much as £15,000 in Stamp Duty payments, has resulted in a resurgence of buyers and sellers in Newark and Southwell, all wanting to take advantage of the situation, especially while the Bank of England base rate remains at its historic low of 0.1%.”
Alasdair continues: “Sellers know that buyers are active once more, with many determined to buy before the SLDT concession comes to an end next spring. So they are holding out for their price.
“Buyers, on the other hand, are keen to point out that despite the SDLT saving, it is they who are taking a risk by buying in what is now formally a recession, so they are coming in with low offers.
“Who’s right then? Buyer or Seller? Well, in our opinion at Alasdair Morrison & Partners, they both are. Inevitably the release of this cumulative demand empowers sellers and exerts upward pressure on house prices, which now stand at a record high, with Halifax and Nationwide reporting monthly house price increases of 1.6% and 1.7% respectively.
“But buyers sense a degree of profiteering here. They know that unemployment and the confidence in the economy in general are likely to take a hit just at a time when the SDLT concession comes to an end.
“As professional estate agents, our job is to help our clients make the most of the current housing market. If you think a move might be on the cards for you within the next six to nine months, our advice is certainly to bring that move forward and to act now.
“Let our experienced staff find you a qualified buyer quickly and therefore help YOU become a strong buyer yourself. If you act quickly then you might just find that things work to your advantage at both ends.
Alasdair finishes: “Please feel free to call us now on 01636 700888 or 01636 813971 and let us arrange your no-obligation market appraisal today.”
