With house prices expected to hit record highs this year after the Chancellor announced an extension of the current stamp duty holiday, is now a good time to sell or buy?
The stamp duty holiday could save anyone buying a property below the £500K mark up to £15,000 in costs.
However, some experts warn this will help push home ownership even further out of the reach of many wannabe first-time buyers.
Simon Wilkinson, a Board Director of Propertymark, says: “We have not yet seen the huge surge in supply (for sale stock) that is to come. Come Q4 this year the market could look very different as repossessions come through – due to redundancies and business failures where there is a charge on the home. As HMRC process a massive backlog of probates, whilst divorce/separation sales rise. These distressed sellers will need to take any good offer or risk losing their home altogether. It’s a cycle.”
We reached out to a few estates and letting agency owners, and here is what they have to say: