PROPERTY MARKET UPDATE - MAY 2021

Published 7th May 2021

Market Update May 2021

 The residential property market remains buoyant as we follow the governments road map from lockdown.

 The stamp duty holiday, which applies to properties up to £500,000 until the end of June, from July to the end of September the stamp duty holiday applies to properties up to £250,000 has increased market activity, this combined with affordability of property in our area have seen purchasers confident to buy locally.

 During the last 12 months there has been an increase in buyers moving to the area due to home working, the need for outside space, affordability and the usual drivers that determine people wanting to move to the Grantham area.                  

Mortgage availability has also increased with the reintroduction of 95% mortgages, which has encouraged buyers to commit to purchasing, the volume of cases solicitors are working through has probably never been higher, which combined with delays in local authority search results has caused delays to the buying and selling process, the average sale/purchase is presently taking around 12/14 weeks to complete.

 A continued shortage of available property has also influenced the local property market with demand exceeding supply and in some areas of the market multiple buyers competing for the same property has pushed purchase prices beyond the asking price.

 If you are thinking of selling or would like some general advice on selling in the future please do not hesitate to contact us, we would be delighted to assist and offer a bespoke package to suit your individual moving needs.



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