It’s unlikely that this is what George Osborne wanted when he announced his stamp duty surcharge but its deadline for introduction gave the housing market its strongest March sales figures since 2007.
The surge was widespread across England and Wales with a 30 per cent upswing in transactions since February – a trend that goes far beyond any normal seasonality, with second-home and buy-to-let investors rushing to beat the deadline.
The agencies, which monitor the wider housing market, say prices have also reached a new record as a result of the surge with the typical home rising now 6.9 per cent, or £18,745, more expensive than a year earlier. It says no fewer than 73 per cent of local authorities in England and Wales have seen a monthly upswing in home values.
The optimism from agents comes as the Bank of England’s Credit Conditions Survey, which monitors the expectation of UK banks and building societies, reports that lending on owner-occupation purchasing is likely to rise sharply in the second quarter of this year, although the reverse is forecast to happen for buy to let mortgages.
At Belvoir Liverpool Central we had noticed an increase in sales throughout March with completions the same month, we find this very promising. For advice on investment purposes contact us on 0151 231 1613 or email liverpool.sales@belvoir.co.uk
