Richard Pike, sales and marketing director at Phoebus Software:
“Without the full financial incentive of the stamp duty holiday, the housing market continues to return to a more normal level of activity. However, demand is still outweighing supply and we are seeing that even with greater freedoms being afforded to us, the race for space is ongoing.
“Even if the stamp duty holiday is almost over, additional financial incentives have recently been presented to homebuyers in the UK. Last week, the lowest ever mortgage rate in Britain was launched at a mere 0.79%, meaning those who are in a strong enough position to take out a mortgage can enjoy low rates as lenders embark on a rate war. In addition, we are witnessing more products available for first-time buyers, giving younger borrowers more options.
“We have been living in a period of extremely high demand, seeing many properties being sold well above asking price. While we are currently observing a healthy level of demand, we must proceed with caution and consider the feasible trouble ahead as government support schemes, such as furlough, come to an end.”