COVID-19 GUIDANCE

Earlier in the summer, a report from respected estate agency association NAEA Propertymark revealed that one in 10 homes had sold at above the initial asking price. What’s more, this was the second time in a row this trend had been seen.

Yearly and monthly figures were both on the rise, against the backdrop of an announcement by Chancellor Rishi Sunak in July that there would be a stamp duty holiday until the spring.

Average sales agreed per member estate agent branch in July was 13, the highest on record since the same number was seen during the summer of 2007. Year-on-year figures were up 44%, NAEA Propertymark added, from the nine agreed sales per branch noted in July 2019.

At the same time, however, it should be appreciated that sales made to first-time purchasers fell by 4% from June to July, from 29% to 25%. This group of buyers remains in competition with investors and those looking to downsize.

So it would seem that demand for housing currently outstrips supply, as people look to move promptly following the lockdown, and are keen to take advantage of the stamp duty holiday.

The statistics do show more properties available per branch, suggesting more people are putting their properties on the market, although the increase year on year is only a marginal one. This also compares with demand being up more than a third (35%) year on year.

Chief executive of NAEA Propertymark commented: “It’s really positive to see the market continuing to boom, with clear interest from both buyers and sellers. Demand remains unabated, with no indications that this will not continue. We expect the market to remain busy.”

Selling like hot houses?

More properties across the country are changing hands within a week of being put on the market than at any other point over the past decade. That’s the finding of figures from one major national property portal.

The website analysed more than 225,000 homes sold over July and August, following the stamp duty break announcement. It revealed that levels of sales subject to contract within seven days were up 125% on the same period in 2019, and more than a quarter (28%) up on the previous high of February 2016, in fact making this the highest number since the portal began collecting statistics back in 2010.

Interestingly, those with a three-bed semi to sell were in with the best chance of a speedy sale, according to the site, which chimed with estate agents’ claims that buyers are keen to have more space having lived through lockdown. A fifth of such properties received an offer in less than seven days. Their popularity could also be due to families, who traditionally need more room, bringing forward their searches for their next move after not going away on holiday as usual this summer.

The portal added that, even in the slowest market, London, places were selling more briskly than they did this time last year.

How we can help

These newly released figures come as little surprise to us at Oakfield Estate Agents.

Sales Director Kerry Newstead said: “As we’ve said previously, all our areas across Hastings, Eastbourne and Bexhill, sales have been brisk over the weeks and months since the easing of lockdown restrictions. And, just like NAEA Propertymark, we’re very much expecting that to continue for the rest of the year and into 2021.”

If you’re looking to buy or sell in any of the areas in which we operate, get in touch today to find out more. We’ll take the time to gain a detailed understanding of what you’re looking for, and we support our buyers and sellers every step of the way throughout the process until a sale is completed.

For buyers, we know it’s a competitive marketplace. We can let you know about everything coming on to the market, even if before it has featured on our website.

Meanwhile, if you’re selling, get in touch with us and arrange for a free valuation of your property, or use our handy online tool to give you a quick initial guide. Let us also set up an initial meeting, at which we’ll discuss what we can do, let you know about current market trends and recommend a marketing price for your home.

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