Demand for UK property hits 16-year high
November 2, 2020
Demand for property in Britain has reached a 16-year high. The surge in demand is being pinned on the impending deadline of the stamp duty holiday, which was unveiled by the Chancellor in July in a bid to boost the housing market.
The stamp duty holiday means that nearly nine out of ten property transactions are no longer subject to stamp duty, saving buyers, on average, £4,500.
Data from NAEA Propertymark, the UK’s leading professional body for estate agents, shows that in September 2020, the number of interested buyer who registered per estate agency, increased by 33%. 525 prospective buyers registered with agents in September, a significant increase from the 396 who registered per branch in August. Such figures have not been seen since June 2004, when 581 were recorded per estate agent branch.
Not only has there been an influx in buyers registering interest, but the number of agreed sales in September 2020 reached the highest peak since August 2006, with an average 14 sales being agreed per branch. This is a significant rise compared to August 2020 when an average of 12 sales were agreed per month. This equates to a 75% increase from September 2019, when an average of nine agreed sales were registered per branch.
Mark Hayward, Chief Executive of NAEA Propertymark, commented on the figures:
“Buyers and sellers always tend to flood the housing market in September with the hope of completing their transactions before the festive period kicks off. However, the pressure of completing sales ahead of the stamp duty holiday deadline means we’ve seen a large spike in buyers and sellers coming to the market – with an average of 13 buyers to every available property.”
With momentum in the housing market continuing, now could be a good time to buy or sell property at auction. If you’re interested in buying at auction, check out the lots listed in our forthcoming auction. If you are thinking about selling at auction, contact the Auction House London team to arrange a free property quotation.
Writtern by Andrew Binstock
November 2, 2020
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