Spring 2021 – Yeovil Property Market Update

Mark Chant, director of Chants Estate Agents, has confirmed that the property market is ever buoyant in these uncertain times with the current pandemic.

Read below for Mark’s insight into the current market outlook:

Since 18 may 2020 when the housing market re-opened after the first lockdown the property market has gained momentum with more and more buyers looking to get onto the housing market but also more coming down from the South East including the London area where buyers are wanting second homes as well as their main residence.

We understand people do want to get away from London during this 12 months of uncertainty. This has been driven by a lack of properties coming onto the open market meaning the demand has been quite high and also the stamp duty holiday period, which originally was going to end on the 31 March, has now been extended. This will heighten the fact that it will increase the market now. The demand will continue for all properties now there is no stamp duty till 30 June. This will continue for properties up to £250,000 till 30 September.

For example:

  • If you bought a property on Abbey Manor Park for £240,000 the savings are £2,500.
  • If you bought a property of £400,000, the savings are £10,000.
  • If you bought a property and completed on the 1 September at a price of £200,000 again you would save £1,500.

We believe that the housing market will continue to move forward at a rapid pace with the news from the chancellor that from April first time buyers will be able to obtain a 95% mortgage of the value of a property under the plan to turn “generation rent” into “generation buy”.

If you are looking for your property to be valued at any stage please do call us on 01935 43326 or submit your details on our Online Free Valuation form and we can give you an up to date valuation, as property prices have changed rapidly in the last 12 months.