THE latest quarterly stamp duty statistics reveal a huge drop of almost a third of a billion pounds compared with the same period last year.

The government’s increase to the top rate from seven per cent to 12 per cent in December 2014 and the introduction of a three per cent surcharge for additional properties in April 2016 have had the effect of depressing transactions, rather than boosting revenues, which must be cause for alarm at the Exchequer.

Price growth has moderated in the last few years and now stands at 3.2 per cent annually (at the end of 2015 it stood at more than 10 per cent).

For whatever reason, whether because of (SDLT) Stamp Duty, Brexit, General Elections or even the weather, the property market is affected but at the end of the day it is what it is.

At the moment people are definitely thinking twice before they make the decision to move house.

We currently have 731 buyers registered looking for property in the Cirencester area up to £1,750,000 on our local, national and international database (more than 30 per cent of our buyers come from either London or abroad – thanks to our strong presence in London with our 30 offices and further afield in 61 global markets).

These buyers, however, are cautious.

We are currently in a very price sensitive property marketplace and correct pricing is the key to success.

At its current rate, the pound is making UK property an attractive investment for overseas buyers and Gloucestershire and the Cotswolds hold a uniquely special place in the hearts of our overseas visitors.

Whether they are fulfilling the dream and buying into the rural idyll, investing or just to have somewhere to stay whilst children are being schooled, there is no reason why your property might not appeal.

This July, for the property we sold, we actually achieved an amazing average of over 106 per cent of guide prices, which only goes to prove that where property is correctly priced, motivated buyers will follow.

If you are one of those waiting for the perfect time then you might well have a long wait.

Because of our current low stock levels and high volume of buyers it might be wise to make your move sooner rather than later.

The perception is that the market tails off during the summer holidays but the internet gives people a chance to do the research, make decisions and make their arrangements, wherever they are.

We inspected 20 per cent more properties in July, an uplifting foretaste of what will be happening in September.

I’d love to hear from you if these thoughts apply to you – it costs nothing to talk it through!

Rupert Marchington

Knight Frank, Cirencester