It has been a time
of extreme uncertainty,
a time of isolation and
a time of the abnormal
becoming the new norm.
With almost four months of lockdown, our worlds have been turned upside down and the simple things we take for granted were taken away so quickly. But as shops start to open and we can finally meet up with loved ones, Chancellor Rishi Sunak has announced a new initiative – the stamp duty holiday that will be rolled out in August, which will scrap any tax to be paid for houses below £500,000 until the 31st March next year.
So, what is the benefit to buyers?
Whilst many organisations have been crippled by the pandemic, the property market has flourished, in fact it has boomed and there has been a phenomenal surge in house prices during this post-lockdown frenzy. You may be thinking how is this good for me as a buyer?
But this Stamp Duty Holiday scraps the tax you pay on your new property altogether, so you benefit without the government profiting from you, the taxpayer’s pocket. Last month at John Shepherd we saw offers go up by 195% from the previous month and sales saw a boost of 400% above last month’s results. The proof is in the statistics, and with such a variety of properties within our portfolio, you’re sure to find what you’re looking for in your new post-lockdown adventure.
So, what about Investors and Vendors?
During the lockdown people have had to adjust to working from home, in the process, many have realised it’s time to look elsewhere to live, somewhere with an office and a garden to enjoy the summer evenings. Families are in a hurry to improve their lifestyle, and many from the Capital are keen to move further afield and into more rural settings.
At John Shepherd, we operate in some of Warwickshire and Worcestershire’s most beautiful countryside, as well as the second city Birmingham and this is what people are now looking for. Our valuations have gone up by 113% since last month, proving that many have used lockdown as an opportunity to evaluate what they really want from their next home.