Budget 2021 And The Local Property Market
Chancellor Rishi Sunak has laid out the Government's spending and taxation plans in his Budget speech, but what does this mean for the local property market? Directors and staff at Keats Letting and Estate Agents in Haslemere keenly followed the Budget announcement and here we share their reactions:
Jim Stillwell, Sales Manager was delighted with the extension of the Stamp Duty holiday until June 30th and felt that the continued relief, although at the reduced rate of £250,000 to the end of September, would help more first-time buyers get onto the property ladder.
Keats are actively encouraging all potential sellers to bring their homes onto the market during the next two weeks to meet the new wave of demand from buyers hoping to beat the Stamp Duty deadline.
According to Rightmove, currently the average time for a seller to find a buyer is 65 days nationally, and it takes a further 126 days to go through the legal process to completion.
Rita Tinney, Director of Keats commented: "Anyone thinking of moving home this spring needs to act now. Sales prices are buoyant and we are seeing an influx of applicants who are keen to get onto the property ladder for the first time, as well as families hoping to upsize in our area. Smaller two bedroom cottage style properties as well as 4 bedroom homes with good sized gardens form the greatest areas of demand."
Molly Puttock from the lettings team believes that the continued increase of £20 for all recipients of Universal Credit would help tenants who are struggling financially, as will the extending of the furlough period which will give support to tenants who might otherwise have been made redundant.
Rita Tinney, who is an ardent supporter of the Junior Estate Agent Apprenticeship scheme also welcomed support for apprenticeships and said: “The Chancellors increased incentives to the Apprenticeship Scheme is fantastic news and will help so many people of all ages who want to train for a new career. Employers need to give serious thought to workplace training and take advantage of this offer”.
