Rishi Sunak, the Chancellor of the Exchequer must be reflecting on what a brilliant decision he made by introducing the “stamp duty holiday” on residential property transactions last month.
We now have a “perfect storm” in London. So many positive factors coming together at once is causing a tidal wave of buying in the City:
- Mortgages readily available to investors at 3% to 3.5% interest rates. These are the lowest rates any of us have seen.
- £ Sterling at a massive low point, however starting to rise now.
- Long-term, stable government in place.
- Availability of stock. This is healthy now but diminishing as buyers move in.
- Stamp duty holiday on first £500,000 of residential purchase. Valid until 31st March 2021.
- 3,000,000 Hong Kongers eligible for UK residency.
- Imminent shortage of supply due to building almost stopping altogether in the Capital over the first six months of the year.
A property boom in London is now inevitable and the buying window is from now until March 31st 2021 when the “stamp duty holiday” ends.
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