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Stamp duty holiday drives summer boom

Stamp duty holiday drives summer boom 1024 576 NGI Residential Mortgages

Estate agency Kinleigh Folkard & Hayward reports that it has seen unprecedented demand from both buyers and sellers since the chancellor announced a stamp duty holiday last month.

The company says properties in the £600-£700,000 price range have seen the greatest surge in interest from buyers.

Meanwhile, there has been an 80 per cent increase in valuation requests and an 86 per cent rise in new seller instructions over the past six weeks.

The estate agency says it has also seen a marked increase in the number of offers made and sales agreed since the stamp duty changes came in.

KFH sales director Robert McLaughlin says: “The increased appetite from buyers and sellers has translated across all price brackets, with more rooms and outside space a top priority from buyers.

“The most sought-after properties in our portfolio are two bedroom flats with garden space and family homes priced between £600,000 and £1,000,000.

“Over the past six weeks, we have seen a 50 per cent year-on-year uplift in buyer registrations, with the biggest increase in the £600,000 to £700,000 bracket.

“This may well represent a surge in buyers looking for additional space, whether that’s a work from home area or a garden.”

He adds: “It will be interesting to see if the demand continues to buck seasonal trends between now and when the stamp duty holiday ends on 31 March 2020.”

* Content Source – Mortgage Strategy.