What a strange year this has been. At the time of writing, Covid continues to turn the world upside down, even though there’s excellent news coming in about vaccine trials. However, from a purely property market perspective, it’s been a boom year for homeowners in Headcorn & Bearsted.
So how did this happen, and why is this promising for the year ahead? The main driver behind the mini-boom we’ve seen this year was the coming together of three key elements. Firstly, lots of pent-up demand was released when Boris Johnson become PM and broke the Brexit impasse. Then the lockdown made everyone think very seriously about their home and many went in search of extra space. Finally, and most importantly, the effective rate of Stamp Duty was lowered.
Looking too far into the future is more of a mug’s game now than ever, but we have a prediction. The stamp duty cut is officially supposed to apply only until March. However, we think there are lots of reasons to expect the Chancellor won’t bring it back up, he may even lower it further. The data is hinting that this lower rate is making more people move, and is actually increasing the revenue the exchequer receives.
Even if that doesn’t come to pass, there is still a lot of pent-up demand working its way through the market which will remain a big driver. We’re natural-born optimists, but the feeling we get from the clients we speak to every day suggests there are lots of reasons to expect a fantastic 2021.
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