Welcome to our March Company Update
Spring has finally sprung, bringing with it longer days and for our Michael Jones team a feeling of excitement for the sunnier months ahead.
As you read this newsletter the team will be limbering up and preparing to go up against the gruelling challenge that is Tough Mudder. Apprehensions run high but also anticipation at the thought of taking on the challenge and raising money for much-deserved charities.
If you would like to read more about this and donate to a very worthy cause and also support some normally ‘pristine’ estate agents getting caked in mud you can do so here.
Property Market Update
The market remains strong and has shown to exceed expectations even when faced with all of the uncertainties the world has thrown at us recently. Records have been broken across the board, with the average house price marketed on Rightmove, increasing by 1.7% or £5,760 in March to make it £354,564 –breaking through the £350,000 barrier for the first time ever, which is an astonishing figure.
Remarkably despite the reduced stamp duty rates last year, HMRC hit a record high, showing that UK buyers paid £16.9bn in stamp duty tax between April 2021 and Feb 2022. This period saw some overlap of 0% SDT up to £500k until June 2021 and then 5% up to 925k until September 2021, so why has such a reduced rate caused the highest ‘take home’ for the government?
From personal experience, we believe this is due to people reconsidering their priorities in a home due to Covid. With more affluent buyers relocating from cities into more rural areas such as West Sussex. This coupled with a tax ‘discount’ has not only given buyers more money to offer on a property but also brought their plans forward so they can make the most of this incentive.
These higher sales prices along with a higher volume of transactions have perhaps pushed more properties into the next SDLT bracket meaning extra revenue.
It remains very much a sellers’ market with more than twice as many buyers as sellers which our teams will concur is resulting in exceptional offers and prices.
You may have seen that Worthing has been (quite rightly) named by The Times as “the place that everyone is going to be talking about this summer”. This means you can expect restaurants like Bayside Social to be a hotspot for sundowners, which gets a special mention from The Times.
As the Bayside development is now complete the next project is already well underway, with Calista now built to the fourth floor it is making its presence known along the seafront and Grand Avenue. The second phase is soon to be available so if you would like some more information see here.
Regional Sales Director
Content accurate at time of publishing.