The property market around Redditch and Bromsgrove will continue to perform strongly even if the current Stamp Duty holiday comes to an end, a residential legal expert says.
Charlotte Judd, a legal executive with FBC Manby Bowdler’s Residential Conveyancing Team in Redditch, says there are strong underlying factors driving house sales in the region.
Charlotte’s comments come as both Redditch and Bromsgrove were named amongst the country’s top ten property hotspots in a new nationwide survey.
Statistics from Zoopla show Redditch ranking seventh nationwide for the speed at which properties are selling – with the average house being on the market for just 27 days.
Bromsgrove was ranked just a place lower at eighth, with an average time on the market of 28 days.
Three-bed semis in both towns are proving particularly attractive, with properties priced between £150,000 and £200,000 the fastest to move.
Charlotte said the strength of the market was not just a reflection of the Stamp Duty holiday, announced by the Chancellor of the Exchequer last July and which suspended the tax on sales of all property under £500,000 until the end of March this year.
“Clearly the Chancellor’s move has helped keep the property market buoyant during the course of the pandemic, but there is more to the strength of the market in Redditch and the surrounding areas than that.
The underlying foundations are very strong – with location, value for money and the quality of the housing stock and local infrastructure all key. Across Worcestershire the average price of a home has quadrupled in the last 25 years which shows that property remains a firm long-term investment regardless of short-term factors.
“The Chancellor is now coming under pressure to extend the Stamp Duty holiday past the end of March, but even if he fails to do so we expect the market around both Redditch and Bromsgrove to remain strong.”
Data from the Land Registry shows that the average price of a home was £57,569 in 1995 while the figure now stands at £245,129.
The figures from Zoopla were calculated across the six months from May 1 to October 31 2020.
If you would like to discuss any of the above, Charlotte can be contacted using the details below.