UK’s biggest property sales boom in 10 years

Waitrose: Impact on property prices discussed by experts

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As many as 704,000 houses, flats and bungalows went under the hammer in May – the highest number in a decade and 78 percent higher than the same month last year, say experts. Nicky Stevenson, managing director at national estate agent group Fine & Country, said: “This market is moving so fast that if you blink, it increases in value.The market normally has a lull in the summer months but, now that almost all foreign holidays appear to be off, there’s nothing stopping the freight train that is unbridled demand from crashing through June, July and August.”

Earlier this week Halifax reported an annual property price rise of almost 10 percent .And some conveyancing solicitors are working round the clock to complete on deals before the stamp duty reductions end on June 30.

The current “nil rate” stamp duty band is £500,000, but from July 1 it will shrink to £250,000 and from October 1 revert to its normal level of £125,000.

But figures released today by online estate agents Rightmove show pent-up demand from buyers is fuelling the boom – not just the stamp duty discount.

Only four percent of buyers will abandon their plans to buy a property if they missed either the June or September 30 deadline in England. 

Nicky added: “Stamp duty relief will be scaled back at the end of June but don’t expect this to have much impact.

“The behaviour of buyers driving house-price growth at the top end indicates they are focused on the horizon and not concerned with saving a relatively small amount of money on a purchase.

“There are still some nervous homeowners out there who have been waiting for restrictions to ease. If the unlocking goes ahead later this month…there will be even more buyers chasing the must-have properties of the year – namely detached homes with plenty of outside space.”

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