Stamp duty deadline provides housing market fillip

THE North West housing market saw a notable upturn in March as potential buyers continued to test the market, according to the Royal Institution of Chartered Surveyors (RICS).

Its latest UK Housing Market Survey showed that a net 36% of surveyors reported an increase in new buyer enquiries in March as buyers rushed to try and beat a stamp duty holiday headline.

Alongside this, the flow of new properties coming onto the market remained stable with a net balance of five percent more respondents reporting rises in new instructions.

Meanwhile, sale prices continued to edge downward across all areas of the country except London, albeit at a slower pace than in recent months. However, a net 9% of surveyors predicted future price rises, suggesting that increased levels of enquiries may be contributing to a more optimistic outlook.

RICS North West spokesperson, John Halman of Gascoigne Halman estate agents, said: “Despite London continuing to outperform the rest of the UK, in terms of house prices, we saw a boost in the housing market across the North West in March as many first-time buyers looked to beat the stamp duty holiday deadline.

“Activity across the rest of the UK has been encouraging during the first part of the year, however it’s too early to predict a return to normality, given the changes announced in the Budget and the increase in variable mortgage rates.”

John Williams of Wirral-based Brennan Ayre O’Neill said: “It is extremely pleasing to note that the improved market conditions seen in recent months have been sustained into March.”