The UK’s largest online real estate portal and property website has discussed what the busiest-ever property market means for buyers and sellers. Currently, properties across the nation are selling at the fastest pace ever recorded. House prices have also hit record highs in March of £254,606 on average.
This month saw a whopping 145,000 properties added to Rightmove.
But despite new homes being added to the site daily, this has not been enough to meet buyer demand.
Government initiatives such as the furlough scheme, the stamp duty holiday and 95 percent mortgages have created a perfect storm for property buyers.
However, it remains unclear what the market will look like once Government support comes to an end.
Now, Rightmove has predicted what the property market could look like for the year ahead.
The site said they expect “this level of demand to remain for the rest of 2021”.
Rightmove property expert Tim Bannister added: “Housing market activity remains high in Scotland where there has been no extension to the Land and Buildings Transaction Tax holiday, which has now come to an end.
“This suggests that the same could happen when the tax holidays start to come to an end in England and Wales from the end of June.”
The stamp duty holiday was extended until the end of June 2021, during Chancellor Rishi Sunak’s Budget.
It was originally feared that many buyers would not complete their transactions before the March 31 deadline.
Instead of their being a hard deadline, Mr Sunak has tapered the end of the scheme.
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Article source: Express