Record Housing Sales of £37 Billion
Rightmove's August Monthly Housing Index confirmed that August was a record in terms of sales, valued at £37 billion!
Also of note are the following:
the average house price was £319, 497
Rightmove experienced the highest number of sales since they started tracking data in 2010, up by 20% compared to the previous high, and with a record total sales value of over £37 billion!
there was the highest number of properties for sale since March 2008 and 44% more than the same period last year
weekly agreed sales are up by 60% compared to the same week in 2019
there was an unseasonal record high for new seller asking prices in 7 out of 12 regions, although London drags down the national average - the impact is a slight monthly fall of 0.2%
Devon and Cornwall prices are at new records as a result of homeowners moving away from cities
Rightmove indicate that record levels of buyer activity is leading to processing delays.
Miles Shipside, Rightmove director and housing market analyst says:
"There have been many changes as a result of the unprecedented pandemic, and these include a rewriting of the previously predictable seasonal rulebook for housing market activity and prices. Home movers are both marketing and buying more property than we have recorded in any previous month for over ten years, helping push prices to their highest ever level in seven regions.
Rather than just a release of existing pent-up demand due to the suspension of the housing market during lockdown, there’s an added layer of additional demand due to people’s changed housing priorities after the experience of lockdown. This is also keeping up the momentum of the unexpected mini-boom, which is now going longer and faster. We associate this time of year with diving into the pool rather than the property market, and of sand and sun rather than bricks and mortar, but buyers have had a record £37 billion monthly spending spree.”
"More property is coming to market than a year ago in all regions, and at a national level the new supply and heightened demand seem relatively balanced. However, those expressing most desire to move on are unsurprisingly in London and its commuter belt. London has 69% more properties coming to market, with the South East at 60% and the East at 56%. With work and transport patterns potentially changing most around the capital, commuter-belt properties need to have more appeal to prospective buyers than just proximity to a station. Many buyers do appear to be satisfying their new needs in these regions, as the number of sales agreed in each is also at a record level. The out-of-city exodus has helped push prices to record levels in Devon and Cornwall, for example, where working from home means a different lifestyle much closer to your new doorstep.”
“Not only are we seeing an unusually busy summer period, but also parts of the lending and legal sectors are having to cope with capacity constraints, as some staff will still be on furlough while many will still be working from home. Patience will be required, especially with some lenders limiting their product ranges due to capacity constraints in their ability to process mortgages. To minimise the risk of missing the 31st March stamp duty deadline it’s best to plan well ahead. This busy pace of the market looks set to continue in the short term, and although the market has proven resilient since reopening we still need to be mindful of the wider economic concerns as the year progresses.”
And for those of you who are interested in the numbers:
The trend in agreed sales nationally over the last three years has seen a dramatic shift in July as follows:
Dominic Murphy, Managing Director of DM & Co. estate agents in Solihull, says:
“The market is showing incredible signs of resilience post-lockdown. The chancellor’s announcement has certainly contributed to this bounce back and the market is more active now than it has been in the last ten years. July 2020 was the best month in DM & Co.’s history.
We’re seeing increased activity across all price brackets and expect this to continue well into Q4 as buyers will be doing all that is in their power to push sales through before the end of the stamp duty holiday. I suspect that the market will remain buoyant until job losses filter through and really start to hit the market in full force and mortgage-ability starts to be questioned. If you can be in a chain-free position, you are most likely to be taking advantage of the momentum that the market is seeing and not be open to chains breaking further down the line.”
Are you Looking to Take Advantage of this Mini Boom and Sell?
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What is Staging?
Staging your home to sell is your most effective marketing technique, assuming your home is priced right.
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The Home Staging Association UK & Ireland's most recent report confirms that professional home staging:
makes it easier for a buyer to visualise the property as their future home
increases the number of viewings
results in buyers spending longer at viewings
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increases the offers on home up to 10%
To learn more read, here.
As professional stagers, we've worked on many client projects as well as on our own developments. We've worked through market highs and lows. We understand what it takes to stage your home to attract as many buyers as possible.
We're very proud of each and every staging project we've worked on big or small - take a look at our:
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