Dominic Murphy, taking care of director of DM
& Co estate brokers in Solihull, reported: "I suspect that the current
market will continue being buoyant until finally job losses filter by and
seriously commence to strike the sector in total force". Given the number
of sales agreed at present time increasing to a ten-year high, there is
an increased
pressure on the transporters.
The firm has seen monthly price increases in
10 out of 12 regions, with a record high in new seller asking prices in seven
of those regions despite the highest number of properties coming onto the
market in a single month in over 10 years. Only in London was there the typical
2% monthly fall in summer asking prices.
Rightmove said the increase was
driven by an exodus from London, which saw a 2.0 percent drop in prices, and a
rise nearly everywhere else. The boost in activities in the property market in
July 2020 was fuelled by the government's announcement of a temporary stamp
duty holiday on homes priced up to £500,000 in England and £250,000 in Wales
and Scotland in early July 2020. They're up 29 per cent in the first-time buyer
sector, 38 per cent in the second stepper sector and 59 per cent for larger,
top of the ladder homes. Whereas there is usually a seasonal slowdown as buyers
and sellers turn their attention towards summer holidays, the latest weekly
sales agreed figure is a whopping 60% above the same period a year ago. We have
also noted significant year-on-year increases in viewing and valuation requests,
homes coming to market and the number of homes being placed under offer".
There are 44% more properties coming to market compared to the same period a
year ago, though there are considerable regional variations.
Rightmove director and market analyst Miles Shipside observed
that activity wasn't just driven by the stamp duty holiday. As the
sellers sought to make the most of the rising demand, the asking prices reached
record levels for around seven regions across the UK.
A lot more than £37bn worthy of assets profits
have been agreed in July - the busiest month for home getting for 10 several
years, in accordance to house internet site Rightmove. Nonetheless,
the mini boom in the housing market might not be a long term one, as the
economy is now in a recession and unemployment rate is expected to increase.
"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." 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.
Tomer Aboody, director of MT Finance, said:
"The shift from quiet summer for the housing market to a manic one isn't
surprising due to quarantine rules imposed on travelling overseas so the vast
majority are staying in the United Kingdom and getting on with buying and
selling."
Britons bought and sold a record number of
homes in recent weeks as pent-up demand from the CCP
virus lockdown and a desire to
leave London bucked the usual summer slowdown, industry data showed on Monday.
The increase has
largely been put down to the Chancellor's decision to implement a stamp duty holiday,
however the increases being seen by Rightmove suggest that this may not be the only
contributing factor.
Marc von Grundherr, director of estate agency
Benham and Reeves, added: "Sales
are at unprecedented levels and listings too and so we're seeing both sides of
the property market boiling." (Click Lancashire)
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