According to Rightmove, Budget day on Wednesday 3rd March, was the busiest 24 hours ever recorded by the home buying site, with visits surpassing 9 million for the first time in its history. This is a trend which has been replicated in the local property market, as Cheffins in Cambridge reports increased numbers of buyers looking to purchase homes in and around the city centre.
Demand for local property skyrockets since Budget Day
Richard Freshwater, Director, Cheffins says: “Ever since the announcement that the stamp duty holiday would be extended during the Budget we have seen greater levels of demand from home buyers looking to make the most of the tax break. We have a continually growing number of willing and able buyers registered with us, all searching for properties throughout Cambridge and the surrounding villages, with the majority of them in a hurry to complete before the new stamp duty deadline, or looking to make the most of the 5 per cent mortgage scheme.
"We are now receiving multiple offers on properties throughout all levels of the market as the number of buyers coming to view increases. With demand outstripping supply, high prices are being achieved and best and final offers situations have occurred on various homes including a three bedroom semi in Cambridge city centre right through to a Grade II listed farmhouse in Hertfordshire which was marketed at over £2m. Similarly, a development of high end new build properties in Great Abington have sold in record time with seven out of the eight houses now sold subject to contract, within a week of marketing. We are now urging anyone considering selling up to market their property as soon as possible in order to make the most of this unprecedented demand which looks likely to continue throughout the summer months.”
Analysis from Rightmove shows that sellers should aim to come to the market by 23rd March if they want to benefit from the £250,000 nil rate stamp duty band by the end of September.
Cheffins is a market leading firm of surveyors, valuers, property advisers and auctioneers. What distinguishes Cheffins is its unique range of specialisms and pre-eminence in them, regionally, nationally and internationally.