Partner and Head of Property Sales, Annabel Fearnall, on the current property market.
In September 2020 I reported my surprise at the strength of the property market through the Covid-19 pandemic - 2020 was one of the most prolific sales year in living record with August 2020 recording the most property sales across the country since 2007. I predicted that the strength of the market would not be sustainable and that it would drop in March 2021 when the initial stamp duty holiday was due to end. To our surprise this was not the case and the continued strength of the market has led to a huge shortage of property on the market.
Zoopla report that there were 26.4% less properties on the market in June 2021 compared to 2020 which they attribute to a rush of sales earlier in the year as buyers tried to complete sales prior to the end of the first stamp duty holiday at the end of June and then the second reduced stamp duty benefits which end in September.
Average asking prices, across the country, are now 30% higher than they were in 2007 at the last peak of the market. Of the properties Barbers Rural have agreed sales on since Jan 2021 64% have been sold at the guide price or a figure in excess.
Image Source – Zoopla House Price Index
Traditionally the property market is strong in September as buyers look to move post summer holidays with the intention of completing a purchase prior to Christmas. With record numbers of people still looking to move, we predict that there will be an autumn bounce, with more sellers listing properties for sale and strong buyer demand pushing up asking prices.
As Rightmove were recently quoted as saying “It’s still a great sellers’ market despite the end of the tax holiday in Scotland and Wales, and it’s scaling back in England and Northern Ireland. We’ve seen strong buyer demand leading to a much higher percentage of sellers finding a buyer for their home, and fewer unsold homes being withdrawn from the market.”
So far in 2021 Barbers Rural have agreed sales on property totalling £20,000,000 and with the market looking set to continue this figure is likely to increase further.
If you would like to discuss the possible marketing of your property please call us to arrange a meeting on 01630 692500 or email firstname.lastname@example.org