🏀 3 point Property Market Update – January 21st 2021🏀

▶️ London prices continue to rise – Property prices in November 2020 in the capital rose on average by 4.0% since October 2020 and by 9.7% year on year taking the average property value in London to £513,997 according to the latest UK House Price Index data.

▶️ First time buyers still buoyant – In a survey conducted by Peabody and property portal, Share To Buy, it was discovered that almost 50% of potential first time buyers said that they are keener to purchase a property than compared to pre-pandemic, with only 4.5% of respondents now less inclined to consider buying a home than previously.

▶️ Plea for stamp duty holiday continues – With average UK house prices in November at the highest ever levels, reflecting the high levels of demand triggered by the stamp duty holiday, many conveyancers are now not guaranteeing completion dates to buyers before the deadline of 31st March. As there is a huge backlog of deals in process the danger is that some buyers will not complete in time through no fault of their own and be faced with the prospect of having to pay the stamp duty tax. Some experts think this could cause a swell of collapsed deals.