Torbay property market attracts international interest
As August begins it is an opportunity to look at what is currently happening in the Torquay property market.
The sales market is generally buoyant. Before lockdown we had seen an increase in activity and that position has returned since restrictions were lifted at the end of May.
There has been a significant increase in demand, particularly from potential buyers looking to move to the West Country not only from London but also nationally and internationally. This is where our membership of the Mayfair Office proves to be of great benefit as our client’s properties are directly exposed to this important marketplace. In the last few weeks we have had communication with potential buyers from Singapore, Taiwan, Australia and Canada. With the current political situation in Hong Kong, we are expecting even greater numbers of genuine enquiries from that location.
The Government recently announced a short-term change to stamp duty which means that no tax is payable by buyers on purchases up to £500,000, unless of course it is a second home purchase. At that level or above, it has reduced the cost of buying by £15,000. This change will remain in place until March 31, 2021 and has perhaps brought forward the moving plans of many.
Increasing buyer interest is obviously positive for those looking to sell but price remains a key factor and there remains the sword of Damocles hanging over the market in terms of a possible increase in unemployment as furloughing ends.
Whilst we, along with everyone else, have never experienced a situation like covid19 before, we are highly experienced at adjusting to meet changing market conditions.
We are constantly keeping our risk management protocols under review to ensure the safety of our staff, customers and clients and, whilst our position is very much one of being here to effect sales and help people move, we offer no apologies for wanting to do so in the safest and most risk averse fashion.
Our new working practices have seen us combine working from our offices with remote working.
We are here to talk to you and help you along every step of the way.