29 Jan Get A New Home This Spring
Does The Boris Bounce Deliver For You?
According to the Sunday Times the country is divided 52%-48% on whether now is a good time to buy a property. 52% of people say yes. Analysis of data compiled exclusively for The Sunday Times Home shows that in 52% of postcodes in England and Wales, there has been a post-election surge in buyer demand — the so-called Boris bounce.
In further news UK house prices grew at their fastest rate in over a year at the start of 2020, according to Nationwide, as experts hailed Boris Johnson’s election victory. The housing market posted a 1.9 per cent annual rise in January, beating December’s 1.4 per cent climb. That followed 12 months of consecutive growth below the one per cent mark after November 2018’s 1.4 per cent hike.
There has been huge challenges in the property market for example:
- stalling property sales in London and the Home Counties
- massive tax changes in the buy-to-let market
- huge changes to Stamp Duty
- the tenant fees ban,
But now we are into smoother waters – hopefully.
The Chancellor of Exchequer Sajid Javid has announced that his first budget following the General Election will be on 11th March 2020. We are all hoping Javid and his HM Treasury team will deliver on Boris Johnson’s promise to reform stamp duty and help clear the challenges highlighted above.
The prospect of this happening looks promising – Javid in January 2020 said his immediate plans included ‘delivering on the Government’s promises on tax.’
During the election campaign Johnson said he’d immediately remove stamp duty from all house sales under £500,000 which would be a blessing for us all.
What To Do?
With the Boris bounce in full swing, property prices rising faster than for ages and spring on the way – you have to ask yourself if there will ever be a better time to get a new home. And we reckon the answer to that is an emphatic no.
There is a rush on, and as we head towards Spring prices will rise as confidence returns.