Research carried out by Zoopla suggests that compared to this time last year, there are 140,000 more property buyers waiting to conclude their property deal.
The property portal also says that 50% more households are currently making their way though the house purchasing/selling process. With the stamp duty holiday deadline still in place for March 31st 2021, buyers and vendors are active, and many are eagerly awaiting their deals to conclude.
The estimate is that there are 418,000 sales in the property pipeline. This amounts to £112 billion, and figures for August 2020 were up 62% compared to the August 2019 figures. For October, the level of sales agreed stand at 53% more than the October 2019 figure.
London figures are up compared to last year
The South East has experienced the largest increase on sales agreed in the year to date, standing at 15%. However, London is not far behind, with the capital experiencing an increase of 12%.
When you consider the property market shut down for a significant period this year, and there was further uncertainty in the market up until the stamp duty holiday was introduced, this is an impressive figure.
We will help you sell your home in Belsize Park
At Stones Residential Belsize Park, we know the stamp duty holiday has created additional pressure in the market, but we are here to help. If you are looking to sell your Belsize Park home, please get in touch.
We will arrange a property valuation for you, allowing you to enter the market with greater confidence.
Richard Donnell is the research and insight director at Zoopla, and he said; “Levels of housing market activity are slowly becoming less frantic as we approach the year end. There is a sizeable pipeline of business for the property, lending and conveyancing industry to convert into completed sales before Christmas and into Q1 2021.”
Richard also said; “The stamp duty deadline will focus the minds of committed movers in the near term, which will support sales volumes and make for a strong first quarter of sales completions in 2021. Those who leave it to January to start their search for a home will be cutting it fine - just half of sales agreed in January will convert into a completed sale by the end of March so those looking to beat the stamp duty deadline will need to be well prepared. Finding an agent before Christmas and instructing a conveyancer to prepare all the sellers’ legal information will be essential to boosting the chances of saving up to £15,000.”
Richard concluded by saying; “House price growth continues to move higher as the weight of demand pushes the growth rate upwards and we expect prices to be four per cent higher by the end of 2020. However, the strength of the market nationally is masking weakness in parts of the market where sales are slowing in areas where households are typically on lower incomes and more sensitive to economic uncertainty and more restricted credit availability. This market polarisation is set to become a growing feature of the market as we move into 2021.”
If you would like to arrange an appointment to help you negotiate the local housing market, please contact Stones Residential today by calling us on 020 7483 0685 or emailing email@example.com.