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Stamp duty holiday sparks ‘home moving frenzy’ in southern commuter belt – Rightmove

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  • 26/08/2020
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Stamp duty holiday sparks ‘home moving frenzy’ in southern commuter belt – Rightmove
South East commuter towns have experienced the biggest jump in sellers since the start of the stamp duty holiday, as strong demand sees homes change hands quickly.

 

The number of newly marketed properties has doubled in some areas of South East England since chancellor Rishi Sunak announced the new tax holiday on July 8, according to data from property site Rightmove.

New listings in Harlow, Essex have surged by 121 per cent compared to the same six-week period in 2019, followed by Hertford in Hertfordshire which is up by 113 per cent, and Wickford in Essex up 105 per cent.

At the same time, increased demand in these towns is outstripping the growth of available stock creating a rapid turnover in homes for sale.

Nationally, demand has risen by 61 per cent compared to the same period last year, Rightmove found, with the top regions for growth are the South East, and East of England.

Almost 94,000 new listings were brought to market across London, the South East and East of England between July 8 and August 16, which is 31,000 more than the same period in 2019.

Rightmove’s Miles Shipside said: “We always knew that the stamp duty holiday was going to be a big incentive for people to get moving this year, and it’s certainly sparked a home-moving frenzy across commuter towns in the south of England.

“Thousands of sellers are being tempted to come to market in these areas for a number of reasons.

“Firstly, lots of buyers stand to make pretty sizeable savings thanks to the stamp duty holiday – particularly in the southern commuter belt – so now seems as good a time as any to press ahead with home-moving plans.

“We’re also seeing a growing trend of people looking to move out of urban areas and into smaller towns, with homeowners in built-up areas reassessing their housing needs and looking for places with more outside space.

“Lastly, proximity to a station doesn’t seem to be as important as it once was, meaning sellers in these commuter towns are looking to move a little further afield as working from home becomes a more permanent way of life.”

Glynis Frew, CEO of agency Hunters, added: South East commuter towns have always been popular due to their proximity to the capital; however years of price growth mean they have been slightly out of reach for many people. The stamp duty holiday has helped to offset this so it’s little surprise to see the markets hotting up as buyer budgets can go slightly further.

“These towns are typically within a 90-minute commute of London and are even more attractive now with the rise of flexible working with people only needing to go into the office a few times a week.

“As a result, sellers here will now be looking to capitalise on the increased demand that allows them to make their onward move.”

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