UK property market continues to thrive

As lockdown restrictions start to ease in the UK, the property market remains strong despite the introduction of a 2% surcharge for overseas buyers.

This is, no doubt, largely due to interest rates and the government’s decision to extend the Stamp Duty Land Tax (SDLT) Holiday to 30 June 2021, with a tapered relief until 30 September 2021.

In London, the prime and super prime market continues to thrive, with those properties benefitting from outdoor space or parking remaining most in demand.

Outside of London, perhaps unsurprisingly, the country market is extremely strong, with most houses going to sealed bids, sale premiums in excess of the asking price, and proceedable cash buyers coming out on top.

This week Savills published a graph showing that housing transactions are the highest they have been since July 2004, which is 5% above the March 2016 SDLT surcharge peak.

There is no sign of the market slowing down at present.