At Thomas Morris, we work closely with buyers and vendors. We operate in many locations, so we are privileged to receive insight in so many parts of the country. This informs the decisions we make, and the services we provide.
We also stay in touch with what is happening across the country. This has been a challenging year for the property market, but 2020 is ending with considerable activity.
The end of 2020 is a busy one in housing market
According to the HMRC, an estimated 105,630 residential transactions in October took place. This is the highest figure for any October in the past decade. The October figure was also 9.8% higher than the September figure.
Please note that the October figures are larger than the pre-pandemic figures.
Marc von Grundherr, a respected name in the UK property market, said; “There’s no doubt that the reopening of the property market and the stamp duty holiday caused a huge influx of buyer demand. However, it’s only really now that this demand is starting to translate into a full return to health where actual transactions are concerned. This is, of course, due to the lagged nature of the property selling process and so this positive health report is really just the start of what should be a steep increase in transaction volumes over the coming months.”
It is likely that this demand and activity will continue for the next few months. A range of industry sources suggest December 2020 is going to be busy, including one of the leading property portals.
Zoopla says December will be busy
Zoopla has tipped house price inflation to reach 4% by the end of the year. At the end of November, it is sitting at 3.5%, and this is the highest level since December 2017.
The most recent House Price Index from Zoopla states the average UK house price stands at £223,550. The property portal believes the housing market is set to enjoy its strongest December for more than ten years.
Richard Donnell is the director of research & insight at Zoopla, and he said: “It has been a rollercoaster year for the housing market which is ending on a strong note, with demand and sales agreed still more than 30% higher than this time last year. House price growth has hit a three-year high and is set to increase further in the short term.”
Richard concluded by saying; “The high volume of sales agreed this autumn will spill over as completed sales in 2021 and this will support the overall number of sales completed in 2021 at 1.1 million. It has been a remarkable turnaround and completed sales look set to fall just 6% short of last year despite a two-month closure of the market in England.”
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