13-year high for sales and mortgage approvals
The post-lockdown property market has been thriving since its release from lockdown, with sales and mortgage approvals at a 13-year high.*
If you’ve been putting off your sale in 2020, there could not be a better time to bring your home onto the market and benefit from optimal selling conditions.
More sales have been agreed since 2007
Housing demand has increased by a third year-on-year, whilst sales per estate agency branch has seen a 44% boost.
In terms of sale per office, this works out to approximately 13 properties sold in one month, compared to nine for the same period in 2019.
The average number of potential buyers scoping out the market has also risen.
In June, approximately 379 house hunters were recorded per branch, increasing to 428 following the announcement of the stamp duty holiday in July 2020.
This 13% increase in house hunters is great news for the housing market, especially as it is expected to remain steady throughout autumn.
From July to August, mortgage approvals rose from 66,300 to 84,700, propelling the sector to a 13-year high according to the Bank of England.
Analysts have commented that lower borrowing rates, fewer holidays abroad and the enticement of up to £15,000 in stamp duty savings have upended what would usually be a relatively calm month for the property market.
Understandably given the circumstances, the year-to-date approval total is at a lower rate due to the market closure this spring.
That said, great strides are being made by lenders and agents to ensure a smooth transaction process for sellers and buyers, with progress in the last few months demonstrating that shared commitment to get people moving responsibly again.
In light of favourable rates and government schemes currently on offer for homeowners, we’d advise that anyone considering their next move start the process now to ensure that you’re able to reach completion before the stamp duty deadline in March 2021.
*Source: NAEA Propertymark