Posted on Jul 27, 2020

The Mortgage Bureau

Asking property prices shot up thanks to a jump in buyer enquiries even before the effects of the Chancellor's stamp duty holiday have had time to kick in, a new report claims. Property portal Rigthmove says an 'unexpected mini-boom' in demand following the reopening of the housing markets in England, Wales and Scotland has lifted prices to a new record high.
The average asking price of homes coming to the market in Britain is 2.4 % higher than in March, just before the lockdown.The annual pace of property inflation is the highest since December 2016, according to Rightmove. Buyer enquiries are up an 'incredible' 75 % compared to last year.
It comes as Chancellor Rishi Sunak announced home buyers will pay no stamp duty when purchasing properties worth less than £500,000 – representing most of the market – up from a previous threshold of £125,000, in a bid to boost the market.
Rightmove claims the of the stamp duty cut has already amplified a surge in buyers' demand, with the number of sales agreed in the 5 days after the announcement (between the 8th and 12th July) up by 35 per cent on the same days a year ago. This is significantly higher than the 15 % increase in sales agreed numbers in England measured in the month of June before the announcement,' Rightmove said.

For help buying a property in Cambridge call The Mortgage Bureau on 01223 656412.
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