Lettings Agents across
North West London
We pride ourselves in offering a personalised, competent, convenient proactive service to all our customers. We do so in finding the right home, property or investment for you.
We will work with you to reduce the time, effort and cost of the buying, selling or letting process, so our clients not only get accurate valuations, but receive excellent customer service.
Stamp Duty Holiday Extension Until June 2021
Purchases up to £500,000 will continue to be free from the tax until this date – with homes bought up to a value of £250,000 being extended even further to the end of September 2021. Sunak announced on 3rd March “To smooth the transition back to normal, the nil rate band will be £250,000, double its standard level, until the end of September – and we will only return to the usual level of £125,000 from 1 October.”
This news will be a huge relief to the industry as a whole, with widespread worry around the 160,000 home sales stuck in limbo and at risk of falling through if the holiday period was not extended. It is thought that the three-month extension is costing an estimated £1bn, adding to the £271bn the government has already borrowed this financial year to deal with Coronavirus.
The Chancellor also confirmed a new scheme to provide mortgages to homebuyers who put forward only a 5 per cent deposit, encouraging banks to lend to those with smaller savings pots. The government will take on some of the loan risk in the form of a state guarantee.
“A policy that gives people who can’t afford a big deposit the chance to buy their own home,” he told MPs. “As the prime minister has said, we want to turn generation rent into generation buy.”
It was confirmed that the Government would back the loans, which will be available on homes costing up to £600,000. Banks and building societies are not obliged to offer the mortgages, but Sunak said in his speech that several have already committed to do so. The scheme will begin in April and will be available on new mortgages taken out until 31 December 2022.
The number of people owning property under the age of 40 has plummeted over the years as young people face rising rent costs along with soaring house prices. It is hoped that with the new 5% deposit mortgages back on the table, that more people are able to afford these smaller deposit amounts required in order to buy a home.
Boxing Day Property Search Hits New High
Zoopla announced it saw the busiest run up to Christmas for over a decade, with the market recording sales agreed on more homes in 2020 than in 2019 during the same period. They also announced a 70.5 per cent increase in traffic on Boxing day as people look to take advantage of the stamp duty freeze. This is set to intensify in January given the now imminent end to the stamp duty holiday, which is set to bring more hungry buyers into the market, keen to find and complete on their new home before the stamp duty deadline expires at the end of March.
Boxing day is always a good indicator of how the market is likely to perform at the start of 2021, so to see such huge numbers of interested potential buyers is very promising. A contributing factor will certainly be the national lockdown that is still ongoing, with more people at home having the time to look at what is on the market, not to mentioned revaluating if they have enough space during a period where the whole family is around.
Once the stamp duty holiday concludes at the end of March, there will likely be a slowdown in sales completions as the impetus to move amongst buyers motivated by stamp duty savings dissipates. This will have a knock on effect on transaction volumes later in the year as stamp duty is reintroduced.
Zoopla’s are anticipating house price growth across the country in 2021 to be around 1.0 per cent on average – this will run within a narrow range from 1.75 per cent in Scotland to just 0.5 per cent in the East of England and the North East.
Overall it’s not all doom and gloom out there, especially within the property sector. With the hope of successful mass vaccination and a rising trend in people looking to move home, as a year of homeworking has led people to re-evaluate their housing needs, there is confidence across the industry that momentum will continue into 2021.
Market Improvement Towards The End of 2020
In November, the average number of prospective buyers registered per estate agent branch reached 580, a 29 per cent increase from 451 in October.
This is the highest number recorded since August 2004, when there were 582 buyers on estate agents’ books and the highest number since records began for the month of November.
The average number of sales agreed per estate agent branch stood at 13 in November, a small increase from 12 in October. This is the highest figure recorded for the month of November since 2002, when the number also stood at 13.
Year-on-year, the average number of sales agreed per branch has increased by 86 per cent, rising from seven in November 2018 and 2019.
Sales to First-Time Buyers
The number of sales made to First-Time Buyers stood at 24 per cent in November, rising from 21 per cent in October.
Year on year, this is a fall of four percentage points from 28 per cent in November 2019.
Supply of available properties
The number of properties available per member branch stood at 40 in November, rising marginally from 39 in October.
What properties sold for
In November, 10 per cent of properties sold for more than the original asking price.
This is an increase from October, when seven per cent of properties sold for more than the original asking price.
The majority (58 per cent) of properties sold for less than the original asking price in November.
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