Residence consumers are nonetheless exhibiting a willingness to pay over the asking worth for properties, regardless of the stamp responsibility vacation being tapered from July.
The typical house offered in England and Wales in July achieved 100.3% of its preliminary asking worth, in keeping with property agent Hamptons.
This was solely fractionally down from a document 100.4% in June – the month the total stamp responsibility reductions got here to an finish.
From July 1, the “nil price” stamp responsibility bracket in England and Northern Eire halved from £500,000 to £250,000. From October 1 it’ll revert to £125,000.
Property professionals had reported a rush of consumers attempting to get home gross sales over the road earlier than the June deadline.
Nevertheless, a scarcity of accessible properties helps to maintain costs up, Hamptons mentioned.
It added that bidding wars stay widespread. Greater than a 3rd (38%) of houses offered in July had provides from three or extra potential consumers, up from 28% in July 2019.
Hamptons mentioned Scotland stays essentially the most aggressive market. Almost half (48%) of houses offered in Scotland final month acquired three or extra provides.
Greater than two-fifths (44%) of consumers paid over the preliminary asking worth final month, as did three in 10 (30%) spending £1 million-plus on their new house.
The typical time to promote a house in July remained on the quickest Hamptons has recorded, at 22 days, though many consumers who agreed a sale in July are prone to miss out on the stamp responsibility vacation altogether.
Aneisha Beveridge, head of analysis at Hamptons, mentioned: “July marked the primary month after the stamp responsibility vacation started to be unwound.
“In additional regular instances, the weeks and months following the tip of a stamp responsibility minimize could be noticeably quiet, with many strikes having been introduced ahead to make the most of the tax break.
“However this time round it appears unlikely the market is on target for a very painful hangover.”
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