Essex Homes & Style - Autumn/Winter 2021

Property Market Isn’t Taking A Holiday From Growth All eyes have been on the performance of the property market throughout October, and the results are in.

The government’s Stamp Duty holiday was finally phased out at the end of September, making October the first month since July 2020 without the additional tax incentive helping to fuel the housing market.

And it’s clear there are still plenty of incentives to keep house buyers on the front foot in the market, with research showing UK house prices rose for a fourth consecutive month in October and prices across the UK exceeded an average of £270,000 for the first time. * Year on year, house prices were 8.1% higher in October 2021 compared to the same month in 2020, which is the strongest year on year growth since June 2021. Across the regions, London continues to show the weakest growth, suggesting that the appetite for the greener spaces around the capital remains as strong as ever following the global pandemic.

As one of the key commuter counties, Essex is proving more popular than ever as a place to live and work, with the culture and commerce of the capital just on your doorstep. Beresfords registered more than 1,400 new interested buyers across the county in October and carried out almost 600 valuations. Covering all sectors of the market, Beresfords sold more than £70m worth of property during the month achieving the asking price in 99% of transactions.

So, what next? October saw the average cost of a house rise by 0.9% compared to the previous month, which could signal the start of slowdown trend, following a 1.7% rise in September. But even without the extra encouragement of the Stamp Duty holiday, first-time buyers continue to be buoyantly active in the market, often supported by deposits from family members, alongside improved access to mortgage deals and the continuation of historically low borrowing costs.

With the Stamp Duty holiday now at an end, perhaps the next test for the strength of the market will come should the Bank of England raise interest rates in the coming months. Time will tell. *Results according to Halifax.

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