A 2021 Round-Up by Sales and Land & New Homes Director, Chris Rowe
2021 has been a turbulent however tremendous year for the property market. Towards the start of the year the general opinion of market professionals and the public was stamp duty relief was prompting buyers to move, however, this transpired to be a true Red Herring. With the bulk of stamp duty relief ending in June, and the final cuts ending in September, the market continued to press on with prices continuing to rise. What is mostly forgotten amongst all these changes is the Bank of England base rate, which was reduced to 0.1%. This in turn offered buyers a far larger saving than any stamp duty relief with some lenders offering rates below 1%!
Cheap interest rates and stamp duty relief are two of the three ingredients to the buoyant market; the last, and in my view the most important, is the lack in supply. Even with the slight increase in interest rates we may see next year, there is still not enough property coming to the market to meet the supply of buyers wanting to jump on the ladder or upsize. Providing a prediction on this is near on impossible, but what is almost a certainty, is continued house price growth in 2022.
Chris Rowe, Sales and Land & New Homes Director
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