Stacks Property Market Comment

What’s going on in the UK Property Market?

Here’s what our experts have to say…

The Stamp Duty holiday until the end of March 2021 provides welcome relief and has extensive benefits for the UK economy.

The property market requires a strong performing lower end where the majority of transactions take place – these are the legs that support the market as a whole.

The fact that the Stamp Duty holiday has been introduced with immediate effect is excellent news and will prevent a stop/start disadvantage to the market.

The expectation was that it would stay in place until January – its extension to March is great news and prevents a scramble to get transactions over the line. By March ’21 we would expect to see the market settled and ready to operate at more normal levels into the spring and summer of next year.

One of the problems in the housing market is a reluctance amongst the older generation to leave the houses that have become too large for them. This will encourage downsizers, and free up the market at the middle and upper end of the market where there is a surplus of demand.

It feels a bit like Christmas has come early, (and avoids the scramble over Christmas itself that some of us were worried about.)

If you are thinking of buying, our advice would be to get on with it – with serious intent.

James Greenwood of Stacks Property Search says, “We welcome the steps the Chancellor has taken to improve the housing infrastructure and address the terrible homeless situation. But we would have liked to see more on housing in the Budget to help free up underused property, the wasted capacity that is one of the underlying problems of the UK property market that Governments consistently fail to address.

“We’re very pleased he hasn’t messed around with Stamp Duty; what UK buyers and sellers need is certainty. The 2% on non-resident buyers is generally digestible, it’s likely to impact London, but look at the land and property taxes that non-residents pay in other countries, and UK tax is relatively benign. We don’t believe it will have a detrimental effect on the market generally. The UK remains, for many reasons, an excellent and secure place to invest.

“Improved investment in infrastructure is likely to create property hotspots as people are attracted by improved journey times and connectivity. But be aware that the benefits of these improvements are unlikely to be evident in the short term.

“Ideas for development of the Government’s housing policy include:

“Make Help to Buy available on resale property as well as new build. Currently the system is more ‘help to sell’ than help to buy, and generally lines developers’ pockets, frequently leaving first time buyers, who have paid a new premium, in trouble when it comes to resale.

“Scrap CGT for Buy to Let property owners who sell to first time buyers. The current legislation means that many private landlords can’t afford to sell; scrapping CGT would free up the market at the bottom end.”

Confidence returns to the property market

The property market, that has been log-jammed for so long, is slowly beginning to open up.

We do expect to see activity levels rise this year, although there still remains a severe shortage of stock in parts of the market.  London is busy, the Home Counties are busy, but many continue to sit on their hands.

Less economic and political uncertainty, combined with a continuation of low interest rates, give those who have been worried about what is potentially around the corner, a clear window to sell and buy a new home.

Without doubt, there is a huge amount of pent up demand from homeowners who have been delaying a move, whether that’s upsizing, downsizing, or moving geographically.

Vendors shouldn’t expect prices to rise, although some property that have been languishing on the market at a slightly inflated price may are starting to attract more attention. Selling agents need to manage the expectations of vendors who will want their wait to be justified with higher prices.

Our advice to buyers is to get active, put their own property on the market, and start looking (not just browsing the internet). Arrange finance as soon as possible, it takes longer these days than in the past, and buyers who have their finance in place will be given priority in competitive situations.

You are operating in a more confident market, and that is generally good for everybody.

To discuss your plans, please contact us or speak to our local offices across the UK

Some of the questions we are being asked – and answers we are giving:

Is now a good time to buy, or should I wait to see what happens….?

Now is an excellent time to buy, but you’ll have to look very hard and be very determined as there is a severe shortage of property on the market.

But it’s a great time for decisive buyers, especially if we can negotiate you a good deal. Some vendors are determined to make a sale before Brexit happens, some need to make sales and some want to make sales.

What about Stamp Duty? Can I expect any changes?

Current levels of Stamp Duty are, in our opinion, here to stay, so don’t hold your breath waiting for any improvements!

Is this a good time to sell?

There’s a shortage of stock in many sectors of the market, as many potential vendors are hanging on to see what happens next.

But life can’t be put on hold for many, so if you need to move house, our advice would be to start the process. If you have a good property without any blight, you should find a good supply of potential buyers. Talk to a good local estate agent.

Is now a good time to buy a holiday home?

The number of UK residents taking holidays at home is rising steadily – factors such as very weak Sterling, better summers, and uncertainty about the changing face of European travel are all relevant. So a good investment in a holiday location at a time when prices are stable could turn out to be an excellent decision.

What about returning expats?

Sterling is cheap, so if you’re paid in Dollars, UK property looks very attractive. Jump in!

What will the effect of a ‘hard’ or ‘soft’ Brexit be on the market?

We don’t believe it will make much difference at all!

All that is needed is forward movement, and the market will become more active.

Demand is strong, and will continue to meet supply, so prices remain stable.

Is this a good time to be a buy-to-let investor?

Yes, hunt for bargains, especially in the new-build sector which, unlike the rest of the market, is oversupplied and bargains are available.

We expect rents to continue to rise.

For BOTH buyers and sellers, there will be opportunities out here.

Across the country, there’s huge unsatisfied demand.

We reckon that there are over six million households living in the wrong property, many because they are anxious about moving home in these politically and economically uncertain times.

There are any number of reasons that many home-owners will continue to do nothing and stay put.

But the smart money will be on those buyers and sellers who see a stable market, despite uncertainty, with good opportunities for negotiation.

The market will continue to be thin, with a lack of stock in parts.

One thing is for sure – prices are going nowhere, having dropped in London and the SE, and remaining stagnant in the West and the Midlands.

Buyers at the upper-middle/top end of the market are now accepting the ‘new normal’ Stamp Duty rates – and vendors are going to have to continue to adjust their prices accordingly.  This will make a big difference to the upper-middle end of the Country market, and we are already seeing signs of movement and increased transactions.

Historically the property market stagnates temporarily as we wait for general elections, Budgets, and other major political events. But since the Hung Parliament of 2010 we have been in a permanent state of political flux, and there is no end in sight, with no real resolution to the Brexit issue for possibly several years.

Of course, it’s not these events in themselves that stop people buying and selling; it’s the fear of the unknown, which might affect finances, jobs and property prices.

Fear makes us more tentative.

For those who, have a real need and/or real desire to buy, or sell and buy, our best advice is to accept that abnormal is the new normal and start the process.

The alternative is to go on putting your life on hold for years.

The market will be relatively stable, and there will plenty of opportunity for good negotiation.

To discuss your plans, please contact us or speak to our local offices across the UK.

If you would like the Stacks Team to help you with your property search, please call 01594 842880 or fill in the form below.

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"I have been delighted with the service I have received from Stacks and will not hesitate to recommend Stacks in the future.

It is not often that one is pleased to part with money but I can truthfully say that I am on this occasion. You have earned every penny of this cheque and what is more, you have done it with great courtesy and good humour. It has been very pleasant working with you. You really did take most of the stress out of our house hunting.

Stacks’ performance on this assignment has been absolutely outstanding and more than met my expectations. Her understanding of the brief and the ‘after-find’ service set a standard of professionalism that I have not met before"
2020-01-13T11:51:03+00:00
"I have been delighted with the service I have received from Stacks and will not hesitate to recommend Stacks in the future. It is not often that one is pleased to part with money but I can truthfully say that I am on this occasion. You have earned every penny of this cheque and what is more, you have done it with great courtesy and good humour. It has been very pleasant working with you. You really did take most of the stress out of our house hunting. Stacks’ performance on this assignment has been absolutely outstanding and more than met my expectations. Her understanding of the brief and the ‘after-find’ service set a standard of professionalism that I have not met before"
"Finding a plot not yet on the market and persuading the developer to enter into an exclusive contract with me to build to my specification."
2020-02-27T09:48:25+00:00
"Finding a plot not yet on the market and persuading the developer to enter into an exclusive contract with me to build to my specification."
"Would not hesitate to use you again."
2018-11-21T13:16:29+00:00
"Would not hesitate to use you again."
"great value to us during a difficult, competitive purchase"
2018-11-21T12:39:48+00:00
"great value to us during a difficult, competitive purchase"
"helped our parents downsize from the family home, in what was a traumatic move for them"
2018-11-21T12:41:04+00:00
"helped our parents downsize from the family home, in what was a traumatic move for them"
"...negotiate on anything"

Financial Times

2018-11-06T14:00:36+00:00

Financial Times

"...negotiate on anything"
"got our offer accepted even when it was not the highest"
2018-11-21T12:38:34+00:00
"got our offer accepted even when it was not the highest"
"Stacks takes great pride in their service, is an expert in their field and above all, demonstrated integrity in all our interaction with them"
2018-11-21T12:54:09+00:00
"Stacks takes great pride in their service, is an expert in their field and above all, demonstrated integrity in all our interaction with them"
"Your advice on how to effectively instruct and motivate our professional team allowed us to complete in one month."
2018-11-21T13:22:31+00:00
"Your advice on how to effectively instruct and motivate our professional team allowed us to complete in one month."
"The house is ideal ... and it is nothing like our first (unsuitable) ideas!"
2018-11-21T12:56:37+00:00
"The house is ideal ... and it is nothing like our first (unsuitable) ideas!"
"Stacks has been an invaluable source of experience and wisdom on the successful landing of just the right house"
2018-11-21T12:53:20+00:00
"Stacks has been an invaluable source of experience and wisdom on the successful landing of just the right house"
"You saved me many miles of driving and were very professional"
2018-11-21T13:19:40+00:00
"You saved me many miles of driving and were very professional"
“We really enjoyed working with Sara and Stacks and would highly recommend having them on your side in the home buying process”
2019-06-19T13:54:55+00:00
“We really enjoyed working with Sara and Stacks and would highly recommend having them on your side in the home buying process”
"found us a home in a sought-after area with a high demand for properties and very little on offer"
2018-11-21T12:37:14+00:00
"found us a home in a sought-after area with a high demand for properties and very little on offer"
“Thank you very much.  We are very excited on the purchase of the flat as well.  Sara has been instrumental in every aspect, we are blessed to have her on our side.
2019-12-06T09:48:50+00:00
“Thank you very much.  We are very excited on the purchase of the flat as well.  Sara has been instrumental in every aspect, we are blessed to have her on our side.”
"Stacks had the critical combination of expertise and tenacity to broker a solution for us"
2018-11-21T12:52:31+00:00
"Stacks had the critical combination of expertise and tenacity to broker a solution for us"
"Thank you very much for the professionalism, patience and understanding"
2018-11-21T12:55:04+00:00
"Thank you very much for the professionalism, patience and understanding"
"Stacks were a tremendous help and we would never have found our home without them. She is a lovely person with a great sense of humour which was essential during some of our tricky negotiations"
2020-01-13T11:52:24+00:00
"Stacks were a tremendous help and we would never have found our home without them. She is a lovely person with a great sense of humour which was essential during some of our tricky negotiations"
"How extraordinary to have found what we were looking for"
2018-11-21T12:42:07+00:00
"How extraordinary to have found what we were looking for"
"You have exceeded our expectations for a buy-side property service and have made the process a smooth one for us."
2018-11-21T13:18:01+00:00
"You have exceeded our expectations for a buy-side property service and have made the process a smooth one for us."
"We love the house and cannot wait to move in and get settled."
2018-11-21T13:10:27+00:00
"We love the house and cannot wait to move in and get settled."
"extremely helpful, knowledgeable and tireless in their efforts to assist us"
2018-11-21T12:33:22+00:00
"extremely helpful, knowledgeable and tireless in their efforts to assist us"
"Should I move again, I shall definitely use you again"
2018-11-21T12:51:23+00:00
"Should I move again, I shall definitely use you again"
"delivered a great service at a reasonable cost"
2018-11-21T12:30:52+00:00
"delivered a great service at a reasonable cost"
"We cannot imagine how long it would have taken us to find our perfect home without Stacks – and we suspect that we would have compromised a long time ago!"
2018-11-21T13:09:36+00:00
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"Being able to 'stand behind' Stacks, whilst they brought their negotiating skills to the fore, took us to another level"
2018-11-21T12:22:38+00:00
"Being able to 'stand behind' Stacks, whilst they brought their negotiating skills to the fore, took us to another level"
"utterly tenacious..."
2018-11-21T13:06:52+00:00
"utterly tenacious..."
"Because I had invested in the process of working with a Buying Agent, I had the confidence to go ahead"
2018-11-21T12:21:23+00:00
"Because I had invested in the process of working with a Buying Agent, I had the confidence to go ahead"
"I’ve seldom had such consistent, wise support in a major life decision, and I can’t emphasize enough how helpful it is."
2018-11-21T12:46:40+00:00
"I’ve seldom had such consistent, wise support in a major life decision, and I can’t emphasize enough how helpful it is."
“We want to thank you so much for the very professional and sensitive support you have given us in navigating through the various properties we have considered for investment of our small inheritance.”
2018-11-05T22:55:02+00:00
“We want to thank you so much for the very professional and sensitive support you have given us in navigating through the various properties we have considered for investment of our small inheritance.”
"I would recommend using Stacks as they are well connected to the property market and provide a realistic assessment of activity and pricing."
2018-11-21T12:45:49+00:00
"I would recommend using Stacks as they are well connected to the property market and provide a realistic assessment of activity and pricing."
"They didn’t try to persuade us to buy anything unsuitable."
2018-11-21T12:57:31+00:00
"They didn’t try to persuade us to buy anything unsuitable."
"We were moving country – had booked the packers – and had nowhere to move into!"
2018-11-21T13:12:46+00:00
"We were moving country – had booked the packers – and had nowhere to move into!"
"You have an empathetic approach which, added to your knowledge and wise guidance, has made the whole thing a lot less stressful"
2018-11-21T13:17:15+00:00
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"We now own a most suitable house in the position of our dreams thanks to Stacks"
2018-11-21T13:11:13+00:00
"We now own a most suitable house in the position of our dreams thanks to Stacks"
"We found the service extremely helpful and professional at all times"
2020-01-13T11:51:31+00:00
"We found the service extremely helpful and professional at all times"
"Many thanks for your hard work and patience in assisting in buying our property. You made the whole process infinitely less stressful than it might have been"
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"Many thanks for your hard work and patience in assisting in buying our property. You made the whole process infinitely less stressful than it might have been"
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"I was impressed by the efficient, kind and courteous service provided by Stacks"
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"was fantastic at explaining and helping us with everything that was happening"
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"We were in a tricky housing situation, looking to buy a very specific type of house and needing to find it in a very specific time frame"
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2018-11-21T12:44:59+00:00
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"You were able, by taking on much of the responsibility and the effort, to enable us to relax and enjoy the process"
2018-11-21T13:21:20+00:00
"You were able, by taking on much of the responsibility and the effort, to enable us to relax and enjoy the process"
"In essence, you are buying your best ally "
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"In essence, you are buying your best ally "
"We would have absolutely no hesitation in recommending them to anyone thinking of using such a service"
2018-11-21T13:13:46+00:00
"We would have absolutely no hesitation in recommending them to anyone thinking of using such a service"
"Without somebody on the ground asking the right questions on our behalf, finding a home would have been truly impossible."
2018-11-21T13:15:37+00:00
"Without somebody on the ground asking the right questions on our behalf, finding a home would have been truly impossible."
"found precisely what I was looking for, and even on my request made an offer before I had even seen the property!!"
2018-11-21T12:35:46+00:00
"found precisely what I was looking for, and even on my request made an offer before I had even seen the property!!"
"You we able to give us confidence that we were doing the right thing"
2018-11-21T13:20:39+00:00
"You we able to give us confidence that we were doing the right thing"
"...took just days to come up with the property that fitted all our criteria"

Sunday Telegraph

2018-11-06T13:59:47+00:00

Sunday Telegraph

"...took just days to come up with the property that fitted all our criteria"
"Despite other interested parties, Stacks were able to help us secure our preferred property."
2018-11-21T12:32:12+00:00
"Despite other interested parties, Stacks were able to help us secure our preferred property."
"a calming, guiding presence where nothing was too much trouble"
2018-11-21T12:13:26+00:00
"a calming, guiding presence where nothing was too much trouble"
"carried out with discretion"
2018-11-21T12:28:29+00:00
"carried out with discretion"
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2020-02-27T09:49:08+00:00
"Encouraging me to think creatively about what could work for me."
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2018-11-21T13:14:45+00:00
"Well done in taking us to a house we didn’t know we wanted … and then fell in love with!"
"Through the whole process they went above and beyond, and it was worth every penny!"
2018-11-21T12:59:15+00:00
"Through the whole process they went above and beyond, and it was worth every penny!"
"The best decision we could have made!"
2018-11-21T12:55:52+00:00
"The best decision we could have made!"
"You have found us a superb home which we feel fortunate to call our own."
2018-11-21T13:18:39+00:00
"You have found us a superb home which we feel fortunate to call our own."
"We are delighted with our choice and so are the children."
2018-11-21T13:08:49+00:00
"We are delighted with our choice and so are the children."
"They've been a close and very helpful part of our discussions with everybody. When you’re new to a town and an area, that’s priceless."
2018-11-21T12:58:19+00:00
"They've been a close and very helpful part of our discussions with everybody. When you’re new to a town and an area, that’s priceless."
"Relentlessly provided us with the context and facts we needed to make an informed decision "
2018-11-21T12:50:28+00:00
"Relentlessly provided us with the context and facts we needed to make an informed decision "
"always courteous and pleasant, and most importantly, in our opinion, trustworthy."
2018-11-21T12:19:57+00:00
"always courteous and pleasant, and most importantly, in our opinion, trustworthy."
"I gained a house, setting and location which are right for me"
2018-11-21T12:43:48+00:00
"I gained a house, setting and location which are right for me"
"I completely underestimated how much of a difference you would make"
2018-11-21T12:43:03+00:00
"I completely underestimated how much of a difference you would make"
"You made a huge difference to our search as I am sure you do for all your clients."
2019-05-02T11:00:08+00:00
"You made a huge difference to our search as I am sure you do for all your clients."
"Practically, I needed someone to do the legwork and the eye-balling"
2018-11-21T12:49:38+00:00
"Practically, I needed someone to do the legwork and the eye-balling"
"It made a potentially very stressful process very straightforward"
2018-11-21T12:48:37+00:00
"It made a potentially very stressful process very straightforward"
"a fantastic job in impossible circumstances"
2018-11-21T12:17:11+00:00
"a fantastic job in impossible circumstances"

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