At Stones Residential, we not only keep close tabs on the Stanmore housing market, we stay informed about the London market, and what is happening nationally. It is fair to say the local markets have been vibrant of late, and there are figures to back up the feeling of heightened activity in the capital.
Zoopla figures point to a record number of sales being agreed in recent months, thanks to the stamp duty holiday and the pent-up demand which was created in the lockdown period. Their figures say new sales agreed rose by 9% on the year-on-year figures for June, rose by 42% for the annual figures of July and the experienced 62% growth between August 2019 and August 2020.
This has resulted in the sales pipeline being 50% larger now than it was at this time in 2019. Zoopla estimates there is a total of 418,000 sales which are close to completion. This is 140,000 more than what is normally expected at this time of year.
This volume of property deals is said to be worth £112 billion.
New sales agreed is up, including in London
Since the start of this year, there has been a 3% increase in new sales agreed compared to this period in 2019. Zoopla also points out the rebound has been felt more in the south of England, with London and the South East of the country experiencing sharper growth.
Of course, there is an argument that the growth has been more impressive because of a lower starting position for these areas. However, there is no denying there is a buzz of activity in these areas at this time.
One issue which Zoopla has warned buyers and vendors on, is how long it takes to complete a property transaction. The property portal says, typically, it takes around 100 days to move from the point of a sale being agreed to the deal being concluded.
However, the volume of activity in the market right now is likely to lead to a backlog. It is not unreasonable to expect delays, which means anyone looking to buy or sell property in line with the stamp duty holiday should act sooner rather than later.
Richard Donnell, research and insight director at Zoopla, explained: “House price growth continues to move higher as the weight of demand pushes the growth rate upwards and we expect prices to be 4% 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 in 2021.”
Whatever your circumstances are, or what move you would like to make next; we are here for you. Stones Residential prides itself on offering the best standard of service to our clients, and we work hard to help you achieve your property goals. If you would like to arrange an appointment or get more details on how we can help you sell your property, contact us today online or by calling us on 020 8954 0045.
