February has so far proven to me our busiest yet for offers to purchase properties that are on the market with eMoov.co.uk
This month, so far, has seen a rise of 74% compared to January.
Much of this surge can be put down to the expected last minute rush to beat the stamp duty holiday deadline on 23rd March. To complete on a purchase as a first time buyer before then will save up to £2,500 in stamp duty land tax, a worthy saving.
But we sense more than that.
January was also a successful period for buyer activity here, up substantially on the same month in 2011. So the bar has raised already, so to speak. For February to be even more buoyant, by such a startling margin surely indicates that we may be seeing a return to market from those prospective buyers that have waited on the sidelines for some time.
Ever low mortgage rates and a higher number of mortgage products available including higher loan to value products are significant fuel for the property market.
But a recent absence of sensationalist doom mongering in the media also has a major part to play, we think. Indeed a lack of appetite by newspapers and broadcasters in talking property prices down, has no doubt allowed the would be purchaser some room for more optimistic thought especially as the ‘crash’ that so many property commentators have prophecised, simply hasn’t happened.
And if it has failed to materialise even under circumstances of bank failings, mortgage droughts and european economic disaster, then it’s unlikely to now.
Is the UK property market back? We’ll be sure to let you know.