The 3% Stamp Duty Surcharge that became effective from 1st April 2016 saw frantic activity from second home/buy-to-let buyers wanting to complete on their purchases before the date. This artificial activity also meant related sales were swept along to beat the deadline. Consequently at Fisher German Chester, viewing and offer levels were up by 130% and an incredible 460% respectively, during Q1 2016 compared to Q1 2015.
Since 1st April the telephones have been less frenetic, just when we would have expected the traditional spring market to take-off. The public’s attention subsequently focussed on the May elections and hot on the heels is the pending EU Referendum on Britain’s membership of the European Union. As there is no past lessons to learn from the consequences of a Brexit, understandably, prospective buyers and sellers are a little unsure how this could affect them and so this will inevitably cause a degree of stagnation in the housing market.
My genuine recommendation is simply to get on with your move, if it suits you to do so, as the shockwaves of the Referendum could be seen for years to come, which-ever way the vote goes and we will then be into another political or economic event which will create further uncertainty!
