After the lifting of lockdown restrictions, there have been a number of significant developments in the Residential property market.
Robert Ikin FRICS, the Residential Sales Director at Rostons based just south of Chester has reported that “Estate Agents across the country have been delighted to return to their normal activity following lockdown and very pleasantly surprised by the level of activity.”
COVID has triggered the suspension of SDLT (Stamp Duty Land Tax) on residential transactions up to £500,000 and for some, the increased desire to move to a more rural location has created a revival in the property market.
Within the first hour of the announcement on the suspension of SDLT, traffic to the Rightmove property portal jumped by 22%. Robert estimates that “90% of homes will now be exempt from stamp duty, which is tremendous news for first-time buyers and homeowners nationwide.”
Some quite staggering statistics have recently been announced by Rightmove, to include:
- Agreed property sales rising by 48% compared with the same month a year ago
- The £37 billion of agreed sales, being the highest recorded in10 years.
In Robert’s opinion, Autumn is the best time to sell a property. Villages close to Chester seem to be more popular than ever. They offer convenience for commuters due to their close proximity to the motorway network, intercity rail connections in Chester and airports in Manchester and Liverpool, but also the much-desired rural/village environment.
There has been considerable coverage in the media concerning the benefits of living in a village or rural area and in particular the advantage of a garden or being close to open space. With this in mind, Robert expects to see a further flurry of activity in the residential sector before Christmas.