The chancellor’s announcement of the Stamp Duty Land Tax (SDLT) holiday recently has had a huge impact on the market in High Wycombe and has created a refreshing buzz among buyers and sellers. Without a doubt, some vendors have decided to move now simply because they were planning to anyway, or just as a result of lockdown cabin fever giving them itchy feet. However, a large number of our newest clients are telling us that this is just too good an opportunity to miss.
With the average house price in the town standing at roughly £450,000, buyers could be saving up to £12,000, which is a figure not easily ignored. This movement in the market is a welcome change after the stagnation imposed by lockdown and will alleviate the inevitable frustration felt by buyers and sellers over the Spring.
Investors are also benefitting from the scheme, which will bring their outlay down (although the second home 3% surcharge is still payable) and make investment properties all the more attractive. High Wycombe maintains its popularity with tenants, with many coming out of London as they look for the more affordable homes out of the city which can now accommodate new ways of working. Outside space has become a great asset for rental properties as we all look to enjoy fresh air and sunshine whenever it appears. Savvy investors of course focus on that all important bottom line, and yields are proving to be enticingly high at the moment.
We have seen a big influx of investment sales recently, resulting in lots of new rental instructions, all of which have let within an average of 3.5 days from first being listed. Tenants are also aware of the competition for properties, which has lead to Kingshills achieving an average of 98.6% of asking prices over the last month.
We are still sailing through uncertain waters, but this improved climate offers buyers and sellers a chance to still make 2020 a great year.