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House Sales – Three Reasons to be Cheerful

Shropshire’s residential property market is spurred in the right trajectory, fortified by Furlough Mark II, stamp duty holiday and the cheapest borrowing since the inception of the Bank of England.

Alistair Hilton, head of sales at Balfours reports: “Sales across our entire portfolio, from £150,000 to the £10 million estate, have been strong. Rural dwellings firm leaders in the field.

“Furlough Mark II – job support scheme has alleviated the fear that unemployment would rise, causing house prices to fall. Our experience is that the stamp duty tax holiday is not only having a positive effect on properties under half a million pounds, but it is giving momentum to those purchasing homes in the higher price bracket, because they too are making significant savings.

“Now add the continued low mortgage rates with the base rate reduction making money its cheapest since the inception of the Bank of England and you have three very constructive financial drivers,” says Alistair.

He continues: “We have agreed numerous sales in recent times, including a small property at Sugnall, with a guide of £250,000, which went to sealed bids and sold in excess of the guide; then Asterton Hall, which went very quickly at the £800,000 guide price. Both these properties reflect the running theme of rural demand - a reverse from pre-covid preference for urban.”

At the upper end of the market a development site which Balfours had been brokering has just come to fruition at £1.8 million. “This illustrates the confidence of builders and developers who continue to invest large sums reflecting longevity in the market. That is telling me there is no reason for anyone else to doubt the market.”

Alistair concludes: “We anticipate this is likely to continue over the course of the next six months, with the exception of a quieter time in December when we all traditionally focus time on friends and family. However with the hourglass running out on the stamp duty holiday to March 31, 2021, we are preparing for a further surge from the New Year until then.”

 

Asterton Hall

Asterton Hall Main

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