February Monthly Housing Market Update

In February 2021, the housing market has risen in the UK to 48.5% higher than February 2020. As the government announced changes to stamp duty as well as a new Help To Buy Scheme coming into effect this April – a rise in the UK housing market only looks to continue into the spring and summer months.

 

MCR Property Group amongst other property developers will be glad to hear this news and there are many prospects for growth in 2021 after the COVID-19 pandemic.

 

February 2021 saw a rise in UK residential transactions to 147,050, which is a rise of 23.0% compared to January 2021. This spring looks to be the best for sellers on the residential market in the last decade, and many will be looking to jump at the opportunity to move house in the next few months.

 

Important changes to note…

 

In February 2021, the chancellor announced an extension to the Stamp Duty holiday allowing buyer’s to purchase a home in England and Northern Ireland without a stamp duty cost for low value homes, with the nil rate set to £500,000. The purpose of this change was to facilitate buyers and get the housing market running. The stamp duty nail band rate will reduce to £250,000 from July 1st, and then to £125,000 from October 1st.

 

In Scotland, the stamp duty nil rate of £250,000 and will stay at this rate until March 31st.

 

In Wales, the stamp duty nil rate of £250,000 will stay until June 30th.

 

What does this mean?

 

The impact of these changes on the UK housing market has only spurred on buyers and sellers alike, and from Mar h onwards it is likely that we will see a surge in sales of residential properties across the UK.

 

MCR Property Group has a range of stunning properties currently up for sale – browse our live listings and find your perfect home this spring.

 

Via gov.uk

Mar 29th, 2021

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