While the English and London housing market ended 2020 in a robust fashion, the movement of the capital to Tier 4 placed a dampener on the sector.
In Tier 4, you are not allowed to mix indoors with people from outside of your household, so it is easy to see why many people will be less willing to proceed with viewings at this time.
We know the housing market has been challenging
At Stones Residential, we have worked closely with many homeowners in and around Stanmore, and we know these are challenging times. With the stamp duty holiday looming, there is a sense of frustration in the market, and this is why a growing number of industry experts are calling for a stamp duty holiday extension.
George Franks, a notable name in the London housing market said: “Though the Treasury has confirmed the Stamp Duty deadline of March 31 will stand, this government has backtracked and U-turned so many times that frankly anything is possible.”
George continued by saying; “Just a few days ago Boris Johnson was saying to cancel Christmas would be “inhuman” and yet Christmas, for millions, was cancelled overnight. The Housing Secretary, Robert Jenrick, has confirmed the sales and rental markets, and all associated markets in Tier 4 areas remain open, but in the eyes of a growing number of prospective buyers and sellers there’s a risk they’re starting to feel shut. The furlough goalposts have been moved time and again so why not the looming Stamp Duty deadline, which risks creating a cliff-edge market?”
A spokesperson for HM Treasury spoke in mid-December, saying; “The SDLT holiday was designed to be a temporary relief to stimulate market activity and support jobs that rely on the property market. The government does not plan to extend this temporary relief.”
Buyers need more support in housing market
Mark Arnold, chief executive at Kensington Mortgages, said; “This research demonstrates what we all intuitively know – that the stamp duty holiday has been very positive for the economy at a critical time. The threshold level should be considered ripe for permanent reform. The upper bound estimates of our analysis suggest that the Treasury could have its cake and eat it, achieving a fiscal surplus whilst boosting the economy. It could unlock housing market activity and pay for 4,000 additional nurses in one fell swoop.”
Mark continued by saying; “Furthermore, aside from updating the threshold to reflect real world house prices, the maintenance of the £500,000 threshold could address some structural problems with the UK housing market. It could lead to greater regional mobility – with ancillary trickle-down benefits – as well as also stimulate more downsizing, freeing up family homes and helping to address this vital stock shortage. We believe now is the time to be bold and keep the threshold at its current position, or at least consider amending it to a higher level than the previous £125,000.”
Whatever your circumstances are, or what move you would like to make next; we are here for you. Stones Residential prides itself on offering the best standard of service to our clients, and we work hard to help you achieve your property goals. If you would like to arrange an appointment or get more details on how we can help you sell your property, contact us today online or by calling us on 020 8954 0045.