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October 2021 Update

The queues to buy or rent property may not be as extreme as we have seen recently but there remains strong demand across all price ranges and property types. On a day-to-day basis the market is busy. Key is correct pricing and great marketing that reaches the relevant potential buyers. Our experience, gained over many years, is proving itself to be of immense value to our client’s time and time again.

The Government’s holiday on Stamp Duty came to an end on September 30th and despite the savings available to buyers during this period, the Treasury still raised more money from the tax than usual due to the significant increase in activity.

The end of the stamp duty holiday also coincided with the end of the Government’s Job Retention Scheme (furlough). It is too early to see whether there is an increase in job losses in the next few weeks but hopefully the massive investment made in retaining employment will have succeeded overall. There are reportedly now over 1 million job vacancies across the country which is the highest level ever recorded and so, in theory, employment prospects look positive although clearly skills, geography and wage levels will all play a part.

Inflation is rising and at the highest level for some time. The Bank of England has however, so far, resisted increasing the base rate to help facilitate investment and employment. Mortgage interest rates remain correspondingly low with fixed rates proving the most popular as they give security over any fluctuations in rates for a period of time.

The autumn has seen the return of the political party conference season with all major parties giving focus to the housing market. More proposals are expected to increase and support housebuilding, including more planning reforms. To provide stability, the housing market needs three healthy sectors – home ownership, private rental and social rental and it is hoped that major parties consider this their brief.

Throughout the covid pandemic we have operated with strict but pragmatic protocols in place to protect the safety and well-being of our clients, customers and staff. Whilst it is pleasing to see the high take up of the vaccination programme and covid restrictions easing, we remain very mindful that there are still risks and that many people are understandably wary. We continue to respect people’s wishes in regards face to face contact, the wearing of masks etc both at our offices and when visiting people’s homes. If you have any questions concerning our protocols, we shall be delighted to discuss.

Finally, and as always, the team and myself will be pleased to speak with you about any aspect of the moving process and to look at the best way forward to meet your requirements.

With kind regards.

John


Call, email or write to us at our office in Wellswood.

We will be delighted to answer any question or provide information on our beautiful town and surrounding area.

John Couch The Estate Agent
43 Ilsham Road
Wellswood
Torquay
Devon
TQ1 2JG

Telephone: 01803 296500
Email: [email protected]

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