When the housing market re-opened in May, there was a significant level of activity. This wasn’t a surprise. There was pent-up demand for property, housing deals had been placed on hold and many people’s circumstances will have changed during lockdown.
These elements combined to ensure agents were inundated with requests from buyers, vendors, landlords and tenants.
Many industry observers predicted the demand would tail-off, but the introduction of the stamp duty holiday has led to sustained demand. In fact, there has been an increase in property viewings. We have witnessed this ourselves across our branches, and there is information from studies being carried out across the country.
Information provided by the property group Andrews for July 2020 suggests:
Viewings rose by 29% compared to the previous months’ viewing figures
Physical viewings increased by 45% in comparison with the previous month
In July 2020, there was close to 6,000 viewings, which equates to around 200 viewings per day
In April 2020, the average was 20 viewings per day
There was a rise of 12% with respect to offers made and accepted by vendors in July 2020
Instructions rose by 22% in July compared to June figures
David Westgate, is the Group Chief Executive at Andrews Property Group. David said; “What a difference four months makes. In April viewings and instructions across the industry fell off a cliff as the country was gripped by coronavirus and the Government asked us to stay at home. But the rebound has been swift as lockdown eased and the Chancellor’s stamp duty announcement at the start of July gave the market a timely boost.”
There has been considerable focus on the positive impact the stamp duty holiday has on buyers, but vendors benefit too. Anyone considering selling their home will feel more confident knowing there are many buyers looking for homes in the area.
David also said; “Buyers and sellers alike have shown renewed vigour in the past six weeks. With a lengthy window of opportunity to purchase before the stamp holiday comes to an end, we expect buyer activity to remain buoyant over the coming months. And we saw an immediate uplift in valuations and instructions since stamp duty was frozen, with sellers keen to take advantage of motivated buyers and more confidence to list thanks to stable house prices.”
The housing market across the UK needs to overcome many more challenges in the near future, but there is slight cause for optimism. If you are looking to make an informed decision, we will be on hand to assist you as best we can.
David Westgate also said; “It won’t be all plain sailing from here, but the Government has shown how important it sees a healthy and stable property market for the general wellbeing of the overall economy. And house prices have proven to be extremely resilient in the past when faced by strong economic headwinds, which suggests the market is well placed to cope with some potentially heavy bumps in the road ahead.”
If you are looking for help with any matter of the property market, it is best to speak to property professionals. You can book a sales or rental valuation appointment directly on line at a time and date of your choice by clicking here or alternatively click here for individual branch contact details.