Experts Predict Slow Tapering To Normality By 2022 In Housing Market
The housing market has seen record levels of inflation the last year as sellers make the most of the stamp duty break. But with that now at an end, experts are predicting that rates will begin to slow and return to some degree of normality by the turn of the year.
A study by Property Rescue has explored how the property market could be shaped as the stamp duty break starts to reach its conclusion.
It’s suggested that in the short term, only four percent of people will abandon their plans of buying now the tax break has shifted from properties under £500,000 to properties under £250,000, while around a quarter of buyers are now looking to negotiate down with the seller.
It’s predicted this will start to trigger a slowing in inflation, as well as less demand in the market as stamp duty comes back into play and unemployment rises due to the end of Government support schemes.
Danny Nieberg at Property Rescue said, “With the stamp duty break winding down, the increase in property prices combined with further stamp duty now to pay is going to lead to further affordability issues for many, so we’ll naturally see demand and prices start to come down.
“We’d potentially be looking at some form of normality in the market by the turn of the year.”
It’s expected the demand for property will continue at a similar pace over the summer months, until the end of September tax break deadline, where prices and demand will begin to settle as the winter sets in and stamp duty returns.
Property Rescue have been buying properties for well over a decade and have an expert team who purchase properties directly from the homeowner without a middleman.
Property Rescue have helped thousands of people sell their houses over the years and can exchange contracts, offering a guaranteed sale within as little as 48 hours, no matter what the condition and state the property is in.