Busy Summer In London

With the stamp duty holiday in place, it shouldn’t be a surprise to see so much activity in the housing market. Many buyers and vendors have contacted Love Your Home of late to discuss their options. Whatever move you wish to make in the market, we are here to assist you.

Zoopla states the average price paid for property in Golders Green, in the past 12 months, is £1,058,869. This is above the stamp duty holiday threshold, which means prospective buyers can save £15,000 on stamp duty fees. This is a big saving, and we know this is why many prospective buyers are getting in touch with us.

In Mile End, the average price paid for property is more modest, but there are still savings to be made. Zoopla states £412,253 is the average price paid for property here. This is below the stamp duty threshold, which means any buyer purchasing at this price soon will not have to pay any stamp duty.

This represents a saving of more than £10,000; which again, is likely to be very welcome for a prospective property buyer.

Sales are taking place across the country

There is also cause for optimism in the London housing market thanks to the figures provided by the National Association of Estate Agents (NAEA) Propertymark in their recent housing report.

The report claims for July 2020, an average of 13 sales were agreed per branch. This is the largest number of homes sold in the UK for a single month since before the 2007 global financial crisis. This return was 44% higher than the number of sales agreed in July 2019.

Increase in vendors signing up to sell their home

While it is helpful to see so many buyers looking for property thanks to the stamp duty holiday, for many industry experts, the most important impact sees vendors engaging the market. There is a need for more homes to be supplied to the housing market, and information offered by NAEA Propertymark indicates this is the case.

The number of property hunters registered with an estate agent increased to 428 per branch. This is a 35% increase on the July 2019 figures.

Mark Hayward is the Chief Executive of NAEA Propertymark and he said; “Usually we would expect to see a lull in activity during the summer months. However, demand remains unabated with no signs that this will not continue. With the recent stamp duty holiday announcement, we expect the housing market to remain busy throughout the rest of the summer.”

Existing homeowners are active in the market

For houses sold in July, around two-thirds sold for less than then asking price and 8% sold at a level which is higher than the asking price. You shouldn’t be surprised to learn there was a fall in the number of sales to first-time buyers. For July, first-time buyers only accounted for 25% of the buyers’ market.

We know these are challenging times for the property market. At Love Your Home, we are keen to maintain a high standard of service for all our clients. As well as helping people now, we will review the changes likely to occur in the market. If you are looking to stay informed, rely on Love Your Home.

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