BOOM TIME FOR HOUSE SALES

Stamp duty holiday and desire for more space sees property buyers flock to market post lockdown to find dream home

ESTATE agents are seeing a surge in house sales as home owners and buyers flock to the market post lockdown.

Stamp duty relief and a desire for more space are driving buyers to take advantage now that coronavirus restrictions have been eased.

City agent Chinneck Shaw has seen its busiest month since 1883 when the firm was formed.

With many potential buyers from London looking at homes in the city Chinneck Shaw manager Lizzie Burt said: ‘Many people were working from home and now they are looking for new homes with office space and outdoor space.’

ESTATE agents are reporting a boom in house sales, thanks to a relief on stamp duty and a desire from people to get moving now that coronavirus restrictions have been eased.

And estate agents are also reporting that many sales are going to people moving out of London to Portsmouth to get better value for money and be near the sea.

Portsmouth-based independent estate agents Chinneck Shaw says business has been so good that it has enjoyed its busiest month since 1883 when the firm was formed.

The practice saw a sharp rise in interest in buying and selling as soon as the lockdown came to an end.

Manager Lizzie Burt said: ‘There was a lot of pent-up interest following the lockdown. Many people were working from home and now they are looking for new homes with office space and more outdoor space too.

‘When the announcement was made about the stamp duty holiday, that was when we really saw a sharp rise in interest leading to the most sales ever being agreed in the history of our firm.’

Chancellor Rishi Sunak’s temporary holiday on stamp duty on the first £500,000 of all property sales will be in place until March 2021 and it was designed to revive confidence in the post lockdown housing market.

‘Anyone who was thinking they might move next year has brought their plans forward to take advantage of the stamp duty holiday,’ said Lizzie.

Research has shown that with the boom, house prices have continued to rise, with the latest index from Nationwide indicating an annual house price rise of 1.5 per cent in July.

HMRC data also shows transactions leapt by 14.5 per cent between June and July this year.

Analysis by Rightmove found there were 66 per cent more active buyers this July than in July last year.

Estate agency Fox & Sons, which has offices in Southsea and North End, also said it has seen a surge in demand.

Stuart Mansell, area manager, said: ‘Business never stopped as we continued our services remotely during lockdown but, understandably, there was an element of ‘wait and see’ from customers during this challenging time.

‘However, there is a lot of pent-up demand with people registering to view properties and many looking to now get their house on the

Estate agent Lizzie Burt

market.’

Independent sales and letting agent GD3 in Osborne Road, Southsea, has also reported a boom.

Jack Till, senior negotiator, said: ‘I have never been busier in the six years that I have worked here.’

He said that not only has the stamp duty relief enticed people to sell their houses, but the coronavirus lockdown has seen many people

re-evaluating their lives, looking for nicer places to live boosted by an increased amount of home working.

‘The stamp duty relief has been a big helping hand but it is more to do with the fact that people don’t have to work in the city. They can live near the coast, and who wouldn’t want to live here?’ he said.

He said this has also seen a surge in demand for lettings, helped by tenant fees being

banned last year.

‘It gives a greater freedom of movement,’ he said.

‘If people don’t like somewhere then after six months they can move on without paying huge fees.’

Claire Ray, sales manager of Fine & Country in Drayton, said: ‘We’ve seen pockets of value sticking and some have flown out of the door – it’s been a mixed bag.

‘We’re finding that solicitors and lenders are not up to speed in dealing with the bottleneck from lockdown.

‘It’s a great time to get going for new buyers and people who want to move with the stamp duty changes and a lot of people are taking advantage.

‘People have realised during lockdown they may need more space or want a garden.’

Chris McKenzie, branch manager of Pearsons Estate Agents in Southsea agreed that lockdown had changed people’s outlooks.

‘Lots of people were cooped up during lockdown and realised they wanted more space or a garden especially during the hot weather,’ he said.

‘People are also not having to work in the office as much and do not have to commute as often – so why not buy twice the house for half the money on the coast? A quarter of mid to upper-range customers are people from London and the outskirts.

Anyone who was thinking of moving next year have brought their plans forward