The Market Rocks..and Stamp Duty Tumbles (for many)
As 2014 draws to a close and we look forward to the New Year there is much to think about in the property market. In most regions it has been a generally good year overall with a fine start but a quieter finish. Price gains have slowed considerably and the heat has certainly come out of the market. There is not the frenzied buying now that there was this time last year. Even central London has cooled off.
Each year we seem to experience events that rock the housing market to greater or lesser extents. This year the heavy rains that flooded the Somerset Levels had a marked effect on that region. The highly successful Commonwealth Games in Glasgow during the summer caused a small lull as attention was drawn elsewhere for a couple of weeks, and staying with the Scottish theme, it was the Scottish referendum that had the single greatest effect on the market across the entire United Kingdom, as both buyers and sellers held their collective breaths for a month or more before the vote.
Events such as these serve to highlight how susceptible the market is right now to both local and national events.
The Election next year, more than anything else will define the property market next year. The Chancellor’s review of Stamp Duty Land Tax is a welcome event and expected to have a positive effect on the market. And on the subject of being on the market, estate agents also eagerly await the arrival of a new nationwide property website next month which will completely change, for the better, the way people search for houses. Appropriately it is called OnTheMarket and Trenchard Arlidge will be there. Look out for it. We will tell you more soon.