Even though it is positive to see so many prospective buyers engaging the housing market thanks to the stamp duty holiday, there is a need to see more vendors involved. The demand for homes in the UK outstrips supply, but there is hope that in the wake of the stamp duty measures, more homeowners will place their property on the market.
At Stones Residential, we are pleased to say we have worked closely with many buyers and vendors in recent weeks. There is a sense of urgency in the market right now, and we know people are looking to move home.
We also stay in touch with findings from other groups and bodies in the industry. This is why we are confident about saying more homes are being supplied to the market.
Information from the Andrews property Group is as follows:
- For July 2020 to June 2020, viewings increased by 29%
- Physical viewings rose by 45% from June 2020 to July 2020
- In July 2020, there were almost 6,000 viewings
- The viewings in July 2020 amounted to around 200 a day
- In April 2020, there were around 20 viewings per day
- Offers made and accepted by vendors rose 12% on the previous month
- Instructions increased by 22% from June 2020 to July 2020
- Valuations increased by 33% in July 2020
- A total of 879 valuations were carried out in July 2020
- Only eight valuations were undertaken in April 2020
People are keen to move this summer
David Westgate is the Group Chief Executive at Andrews Property Group, and he 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 is a sense of cautious optimism in the property market
It is fair to say many people are keen to remain cautious surrounding the short and long-term future of the housing market. There is a strong chance we will face many tough economic and financial moments. Uncertainty is harmful to the UK housing market, and this will see man y people hold off from making a move right now.
However, the impetus provided by the stamp duty holiday is causing people to move, and we believe this will continue to be the case for some time yet.
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.”
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.
