Property Review – March 2021

Our monthly property market review is intended to provide background to recent developments in the property markets as well as to give an indication of how some key issues could impact in the future.

Overview

STAMP DUTY HOLIDAY EXTENSION

In his Budget on 3 March, Chancellor Rishi Sunak confirmed an extension to the Stamp Duty holiday in England and Northern Ireland. Rather than ending on 31 March, as originally announced, the nil-rate threshold for Stamp Duty will remain at £500,000 until 30 June.

MORTGAGE GUARANTEE SCHEME SET TO LAUNCH

The government has pledged support to more people who want to buy a property with a smaller deposit by launching a new mortgage guarantee scheme.

STRONGEST SPRING HOUSING MARKET FOR A DECADE

According to Rightmove, the excess of buyer demand over supply is the largest seen in the last 10 years, which, it is suggested, could see one of the best-ever Easter periods for sellers.

HOUSE PRICES HEADLINE STATISTICS

  • Average house prices in the UK increased by 7.5% in the year to January 2021
  • The highest monthly drop in prices was in West Midlands, with prices falling by 2.3%
  • The lowest annual growth was in West Midlands, with prices increasing by 4.7% over the year to January 2021