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Stamp Duty Holiday and Staycations Drive Surge in House Prices and Sales

According to the Bank of England property sales are up by 20 per cent and average asking prices have risen by £10,000 across the UK as a whole in the four weeks since the cut in stamp duty.

The Chancellor raised the threshold for paying stamp duty from £125,000 to £500,000 in England and Northern Ireland on July 8.  That was followed by similar moves in Scotland and Wales.

Across the UK average asking prices are £30,000 higher and thousands more sales are being agreed each week than before the lockdown from March 27 to May 13.

In the South West this mini-boom has  been fuelled even further by the rise in demand for staycations which has  resulted in average asking prices rising by 10 to 14.9% compared with the week beginning February 23, 2020.  

Here at Harding & Co we have seen houses going to multiple bids and offers over the asking price in the desirable coastal locations of North Devon.  If you are thinking of selling and would like to take advantage of these fantastic market conditions please get in touch on 01237 476544 for your free market appraisal.