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No ill effects from end of stamp duty holiday
The UK housing market has started 2010 on a positive note, with the number of valuations on residential property conducted last month 9% higher than in January 09
This is despite the removal of the stamp duty holiday, and is also the fifth consecutive month that monthly valuations activity has exceeded that of the same month the year before, according to our latest research.
December and January are traditionally quiet months for the housing market, but valuation activity in December was buoyed by transactions completed by before the withdrawal of the higher stamp-duty threshold.
This more positive trend was continued in January, with valuations up a tenth on a year ago. The positive start with transaction levels in January points to a continuing improvement in the housing market.
During the downturn, many homeowners who wanted to move delayed their purchase decisions. As confidence continues to come back to the housing market, we’re seeing this pent-up demand translated into much higher levels of activity among existing homeowners and buy-to-let investors.
However, it is still subdued for first-time buyers.
Ross Bowen is managing director of Connells Survey and Valuation
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