If you have an interest in the housing market, you will have noted the March 2021, and the announcement of measures aimed to support house buyers.
The two key measures announced in the March Budget include:
· The extension of the stamp duty holiday
· The introduction of the small deposit mortgage guarantee scheme
Nationally, it appears as though there has been an uptake in interest in property, with these measures driving buyer activity. Of course, at Country Properties, we are interested in local matters as well as national activity, but we believe there are positive elements for Royston buyers to consider.
“Properties in Royston had an overall average price of £387,911 over the last year.
The majority of sales in Royston during the last year were terraced properties, selling for an average price of £301,568. Detached properties sold for an average of £589,689, with semi-detached properties fetching £370,864.
Overall, sold prices in Royston over the last year were 8% up on the previous year and 13% up on the 2018 peak of £342,309.”
All these properties, even detached properties, fall under the small deposit mortgage guarantee scheme threshold, which is £600,000. This scheme is available for first-time buyers and existing homeowners.
However, while the stamp duty holiday has assisted many buyers in the past 8 months, the tapering-off period is unlikely to be of great value to local buyers.
Rightmove says buyer searches are rising
· The property portal claims they had a record number of prospective buyers on site in February – which was before any Budget measures were confirmed
· Rightmove claims February 2021 traffic was 34% higher than February 2020 traffic
· 7 million people visited the site in February 2021
· The number of overall visitors on site was 40% higher than February 2020
· The number of property sales agreed in the opening week of March 2021 was 12% up on the previous year
· The property portal anticipates asking prices rising further in spring
· Rightmove continues to predict house prices will increase by 4% in 2021
Rightmove’s report states; “The current excess of buyer demand over supply is the largest we've seen in the last ten years and suggests that this could be one of the best ever Easters to sell”.
Tim Bannister, Rightmove's director of property data said: “This strong sellers' market is good news for those who are looking to put their home on the market as the traditional Easter selling season approaches. Blossoming buyer demand coinciding with blossoming gardens should put a spring in the steps of sellers, and more of them coming to market will provide a much-needed increase in the choice of property for the many who are looking to buy. So many sales have been agreed in recent months that we now face a serious shortage of homes available for sale.”
In line with Government guidelines, our Royston branch is open and is staffed with sales and lettings personnel. If you have any queries or need advice on property sales and lettings then please call 01763 245121 or email email@example.com.