Over the last six months, The Heatons Property Market has been flourishing. As soon as an estate agents “For Sale” flag went up, neighbours would be checking out Rightmove to see the internal pictures and compare the asking price to their own home (go on … admit you do that too – every The Heatons homeowner does). Flabbergasted by optimistic asking price tags, those same The Heatons homeowners stand open-mouthed to see a sold slip added to the board a few weeks later.
Property values in The Heatons are 6.3 per cent higher than a year ago.
The newspapers are full of stories of this mini property market boom, which has been fuelled by the Stamp Duty Tax cut, which ends on the 31st March 2021. Not only has it pushed up values in The Heatons, but it has also theoretically brought forward house moves from 2021 into 2020.
The most up-to-date transaction figures (i.e. the number of people moving home) endorse it too. In the UK, 137,200 property sales/transactions took place in December, the highest number of sales/transactions in December since 2006 (when it topped 149,200 transactions, only for it to fall to 32,700 transactions in December 2008 at the height of the Credit Crunch).