Property Market Isn’t Taking A Holiday

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.

Danbury

Guide Price £900,000 - £950,000

Chelmsford Office 01245 500555

Chelmsford

Asking Price £695,000

An imposing detached family home offering in excess of 3,000 sq ft of accommodation situated on a sought after lane between Danbury and Bicknacre. The property occupies a south-facing landscaped plot of circa 0.25 acre, with views across fields. The front of the property provides a gated driveway providing off street parking and a double garage.

3 5 2 EPC D

Situated on a popular road in Chelmsford is this period four-bedroom semi-detached property, which is set over four floors. The property has been extended and converted to create a large versatile home. The property benefits off-street parking for two cars and double gates into the rear garden. Offered with no onward chain.

2 4 2 EPC D

Property professionals since 1968

Stanway

Guide Price £725,000

Colchester Office 01206 764444 Situated on the outskirts of Stanway is this superb, five bedroom detached family residence presented to a very high standard. Entrance hall, a cosy lounge to the front, a large dining room, an open plan kitchen/diner with bi-folding doors and a utility room. The first floor offers five double bedrooms with two en-suites and family bathroom. The property features a garage and a large rear garden.

3 5 3 EPC F

St Osyth

Offers in Excess of £550,000 SOLD

Three bedroom 17th Century cottage boasting a stunning, mature garden and a total plot approaching 0.5 acre (STLS). Formerly two cottages, the property has an abundance of living space and offers three/four reception rooms to the ground floor along with an open plan kitchen breakfast room, a utility area and a ground floor bathroom. The first floor is home to three double bedrooms, with an en-suite to the master.

4 3 3 EPC E