The Housing market in Harrow remains buoyant, despite the stamp duty holiday expiring at the end of September.
We hope our previous articles gave you an insight into the process of buying a property; hopefully you have a better understanding of what is involved at every stage.
London’s house prices soared to record highs in June; it appears the scramble to beat the first stamp duty holiday initiated this surge we have seen. The threshold for paying tax was partially slashed on 1 July form £500,000 to £250,000 until end of September.
As we approach this deadline, there are no signs of the property market slowing down or declining.
In fact the London borough of Harrow has seen price increases of 16.7%, the highest of all the London Boroughs.
This doesn’t actually surprise me, Harrow has always been a desirable place to call home. The diversity, fantastic shopping facilities, parks/outdoor area’s as well as award winning schools/colleges makes for an attractive place to live.
Not to mention the array of transport links, major bus routes all pass through Harrow as well as direct trains into London Euston from Harrow Wealdstone station in under 15 minutes, nowhere is out of reach.
With so much to offer it’s no wonder property prices have gone through the roof. Demand is high as ever, there just aren’t enough available properties to satisfy the hundreds of buyers out there. Like anything, whenever there is an imbalance in the supply and demand, you will always see a rise in value.
The most sought after property seems to be 3 bedroom semi-detached houses. This is closely followed by terraced houses and then 2 bedroom maisonettes. In my last 20 years of being an estate agent I have never seen such an emphasis for outdoor space. Having a good size garden is by far the most talked about criteria. Another new requirement is having a spare room/office area within a property.
There are many speculations as to what will happen to the housing market post stamp duty holiday. Will there be a crash, are prices due a correction, will things continue on their current trajectory? The simple answer is ‘We don’t know.’ The country is opening up, restrictions are all but eased and there is real optimism on the horizon. More and more people are being ‘double jabbed’ and we are allowed to travel again.
I feel the key to this question it that as long as we have a healthy economy, people are in employment and we continue to get through this pandemic, chances are the market will remain buoyant.
The stamp duty holiday was our chancellor’s way to kick start the economy last year, get people moving, it was the match that lit the fire. There may be rainy days coming, but as long as we can avoid any further storms, brighter days are sure to be ahead.
Talking of brighter days, you may be surprised how much your property could sell for! Although many people believe they know how much their property is worth, you may be surprised at what could be achieved in today’s climate. You can always pop into our office or call me (Harsh) to arrange a FREE market appraisal! The number’s 020 8426 0631 or email me at harsh@hiltonandfox.com
