Based on new data, the stamp duty holiday has ignited a “home-moving frenzy” in the commuter towns of London.
After the lockdown, buyers are on the lookout for spacious homes with gardens. The rise in the working from home front has put the focus on areas of London within 70 minutes’ train ride. This data is found by the portal and property website ‘Rightmove‘.
Throughout Britain, sellers are inspired to sell and move to the commuter towns. This is because of the announcement of the stamp duty measure, in July, by Chancellor Rishi Sunak.
However, it must be noted that towns in the South-East commuter belt have experienced the biggest annual increase in the number of people putting their homes for sale.
Also, the number of buyers has increased, simultaneously rising the growth in available stock and making a speedy turnover.
‘Rightmove’ measures the demand by the number of people contacting estate agents. This, compared to the same time in 2019, was up 74 percent in the South-East. In 2019, the property market was at a virtual standstill over Brexit and political uncertainty preceding the general election.
Also, the number of new sales listings have doubled in some commuter towns, as compared to the same six-week period last year.
According to Miles Shipside, it was already known that the stamp duty holiday was going to be a game-changer.
He said, “Thousands of sellers are being tempted to come to market in these areas for a number of reasons.”
Shipside also said that the lockdown had produced a sort of ripple effect in the housing market. The urban homeowners who are searching for outside space are looking to the commuter belt. And the sellers in the commuter towns are now preparing to move further from London due to the permanent nature of the working from home front for many.
Best Commuter Towns To Lookout For By Londoners Cashing In On Stamp Duty Holiday
The biggest rise in brand new stock is seen in Harlow. There the number of homes that are put for sale went up by 121 percent.
The reason may be that trains to Liverpool Street take only about half an hour, and also Harlow is in the M11 “wealth corridor”.
The town center is also up for millions of pounds of investment.
‘Reyland Johnson’ estate agents sales negotiator, Jake Latch, says: “Harlow is a gateway town…The main thing we’ve seen is that people who were on the fence about moving before the stamp duty holiday have sat up and decided that this is their right time to move.”
The second best commuter town in 2020 is Hertford. Here, the number of homes put for sale rose by 113 percent.
Third would be Wickford with a 105 percent rise, and the forever-favorite, St Albans, grabs the fourth place with an increase of 100 percent.
The fifth best commuter town is East Grinstead, with new listings up by 98 percent compared to 2019.