In our last stamp duty blog post, we discussed the end of the stamp duty holiday and what impact that might have on house prices. This month we take a closer look at the property market now that we have seen the first stage of the tapering off of the holiday. July 1st saw the halving of the stamp duty holiday but has it really been a big driver in the housing market or are there other factors that influence house sales?
Location, location, location
When buyers are looking at somewhere to live in it is not about just the property, it is about the life they see themselves having. The Rickmansworth area and particularly Croxley Green has always historically been in demand. It's a pleasant place to live, a convenient location, with great schools, transport links and easy access to both Watford and London. Croxley Green has always been desirable and in fact a poll just a few years back that looked at 1.8 million postcodes, put Croxley Green as the fourth best place to live in the country!
When a family is looking for a new home, the catchment area of schools is a big driving factor unrelated to stamp duty. We all know how important education is so choosing a school for a family is a massive part of where they live. Good schools will always be a draw and the Croxley Green area is blessed with some fantastic local state schools that afford young people great opportunities. With local schools rated as good and outstanding by Ofsted, it’s easy to see why this area is such a draw for families. Not only are good schools high on the list of buyers priorities, for sellers this can push up the price of their property. Buyers are prepared to pay a premium to ensure they live in the right catchment area of a good school.
Supply and demand
With any market supply and demand are huge drivers. When there is a limited supply of family homes then they will always fetch a good price. Of course it’s not all about price, the fact that there is great demand for family homes nationwide coupled with the other positive draws of the Croxley Green area means that we know the end of the stamp duty holiday will not affect demand. Click here to view more information on the James sales process.
Will the end of the stamp duty holiday damage the property market?
In our many years marketing property in the Hertfordshire area we have seen rises and falls in demand and pricing. This experience and our knowledge of the other factors at play gives us cause to feel optimistic and confident that demand will remain high for all types of properties. The stamp duty holiday has been positive in galvanising buyers and sellers plus pushing prices to record highs. We all know that people are still making changes in the way they live and work and at James we are confident that the market will remain buoyant for some time to come.