🏀 3 point Property Market Update – January 27th 2021 🏀

▶️ Stamp duty debate continues – With up to 70,000 potential property deals predicted to be affected the stamp duty deadline of 31st March, Zoopla is the latest stakeholder to call for an extension. They suggest an extension of only one month, enough to help buyers who agreed a sale in 2020 to secure the savings they would otherwise have to pay in tax.

▶️ Supply of housing stock for sale down – Zoopla also found out that in the first few weeks of 2021, the flow of new homes coming to the market for sale was 12 per cent lower than a year ago with sellers likely to be waiting for COVID19 case numbers to drop further before listing their homes. However, contrast to this, demand continues to be high with demand in the first 3 weeks of January being 13 per cent higher than the same period in 2020.

▶️ Number of EU tenants in London drops – Unsurprising, with a large part of Brexit now completed, there has been a sharp drop in the number of EU nationals taking up tenancies in London and across the UK. According to Goodlord, the PropTech company, in London in particular, during 2017, the average proportion of tenants who were originally from EU countries stood at 29%. In 2020, EU tenants accounted for just 22% of London residents.