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Date Posted: 09/07/20

Stamp Duty holiday worth up to £15,000 brings further benefit to improving local property market.

Wednesday’s announcement of a stamp duty holiday for property purchases up to £500,000 until 31st March 2021 is a further positive step towards enhancing a local property market that is already showing strong signs of recovery.

Despite a property market lockdown from the end of March until late May 2020, Putterills Estate Agency offices are reporting a significant bounce back in the volume of sales transactions. Managing Director Mark Shearing reported, “Despite one of the most difficult years I have ever encountered in the local property market , we are seeing strong results and to our very pleasant surprise all of our branches are now within 10 % of where they would have been in a normal trading year, but with the Stamp Duty announcement meaning we are likely to have a far busier second half to the year”.

Since the property market has been eased out of lockdown, we have seen demand surge. Housing trends are changing and it feels as though we are entering a new era. More people are now working from home and are likely to continue doing so. Many are reviewing their work/ life balance and others are looking to downsize earlier to help dependants on to the property ladder, or simply top up their pension pots.

There has been much talk from the property portals like Rightmove as to a growing demand for homes outside of London and here in Hertfordshire we are clearly starting to benefit from this.

Whilst there are still some potential concerns over unemployment, Hertfordshire has a large and diverse range of employers, so there continues to be many new opportunities.

The stamp duty holiday is likely to bring a further surge in demand, at a time of a shortage of homes to sell. So if you are thinking of buying, selling or letting, now really is a superb time to do so. Call us now for a priority free valuation from your local property experts.

The Putterills Directors

E: newhomes@putterills.co.uk

T: 07795 438077