Over the last few years the property market as been a rollercoaster, with prices going up and down in Harrow.
We have seen the “perfect storm” leading to a potential market crash with the combination of stamp duty increases for investment buyers, Brexit and COVID-19, fortunately this was saved by the government offering a bit of relief to the buyers in the form of a stamp duty holiday.
The stamp duty holiday meant that buyers in Harrow looking to get on the property ladder and spend up to £500,000 would save up to £15,000 on any property they complete a purchase on before the 31st March 2021.
This has become a big sigh of relief to a lot of people and has seen the property market grow dramatically over the last 6 months. A lot of agents have seen a record number of sales agreed towards the tail end of last year with buyers taking advantage of this and snapping up their dream family homes.
Since the first lockdown a lot of people have realised that they can work from home so we have seen an increase of interest in properties with rooms that can be made into offices and outdoor space. This has seemed to be a bit of a trend of people that have realised they can finally have a work from home lifestyle. We have also found that these properties have been getting more interest and people were offering a little bit more for these types of properties.
Even though the property market is at an all time high with buyers scrambling to buy that perfect home as the old saying goes “what goes up must come down” if the stamp duty holiday does come to an end on the 31st March 2021 the property market will be expected to drop and due to this agents have been petitioning the government to extend the holiday or to give some kind of other relief to buyers to keep the property market going.
The latest lockdown measures appear to have slowed the lettings market, with rents holding steady despite the slower pace of lettings. Renters are showing increasing interest in larger properties, with access to outside space.
We have found that due to the property market rising so sharply owners that are getting their properties valued are some what surprised in the values we are achieving and how much their property has grown in price over the last 6 months.
If you would like to see exactly how much your price has changed, Hilton & Fox estate agents of Harrow would be more than happy to talk to you.