Busiest ever autumn? Buyers, prices and supply all up and rising
Buyers up. Prices up. Supply up.
An astounding number of homeowners and movers are progressing with their sale right now, with 140,000 more buyers in the process of completing when compared to this time last year.
Since the end of the country's spring lockdown, we've seen record levels for properties reaching 'sales agreed' in the UK, culminating in there being 50% more homes going through the system as buyers rush to meet the stamp duty deadline.
Zoopla estimates that there are currently over 418,000 sales in the pipeline awaiting completion, with an overall value that's over £112 billion.
What are the key facts and figures behind all of this market activity?
- Sales agreed hit an annual high back in August, showing a 62% year-on-year uplift.
- There has only been a slight change in pace, as sales agreed were running at a 53% year-on-year uplift this month in comparison to October 2019.
- Regionally, sales agreed year-to-date are up the most in the South East by 15%, followed by London at 12% and the East of England with 11%.
With the deadline for stamp duty savings looming, what can you do to increase your chances of completing in time?*
To avoid any disappointment, make sure you can do your bit to help move the process along, follow these tips:
Acquire a reliable solicitor
Over lockdown, the housing market will remain open, including for agents, solicitors and conveyancers.
Having gone through this once before, these representatives should be fully prepared to provide a seamless experience whether from home or the office.
Meaning once an offer's been accepted, you can move to the next stage without any unnecessary hold-ups.
Identify issues early on
A conveyancer will identify any problems and will offer solutions.
Obtaining the relevant information and agreeing a positive way forward will take time. If you know your issues early on, try and get them sorted as soon as possible and keep your solicitor updated.
Manage the chain
If you are in a chain, issues may arise that are beyond your control.
It is important you understand your dependencies. Talk to your seller, buyer and their agents regularly, monitoring what is happening with any related transactions and making sure you're all working towards the same target; that being, the same completion day.
Good communication will keep things on track and avoid any delays along the way. Talk to us today for more information.
*Stamp duty holiday ends March 2021.