Housing Market Report
Company news : 27 - 11 - 20
The latest Housing Market Report from NAEA Propertymark (National Association of Estate Agents) reflects the widespread increased activity in the sector with a record-breaking figure of prospective buyers for October 2020 across the UK.
The report shows that the number of prospective buyers reached an average of 451 per branch, the highest ever recorded for the month of October since records began. Activity has certainly been boosted due to the Stamp Duty Holiday which comes to an end in just a few months.
According to official Rightmove data Andrew Lodge Estate Agents achieved more sales agreed and took on more new instructions over £500,000 than any other local agent in October 2020 across the GU9 and GU10 postcode areas.
Mark Hayward Chief Executive of NAEA Propertymark said: “Typically, we see the property market slow down as we approach the festive period and people put their sale on hold until the New Year.
“However, the pressure of completing sales ahead of the Stamp Duty holiday ending means that we have seen the number of potential buyers and the number of sales completed remain unusually high for this time of year.
“This boom has been hugely beneficial for the housing market; however, we are increasingly concerned about the impact of the stamp duty cliff edge on 31st March 2021.
“This cliff edge has already increased pressure on service providers within the industry, causing delays for buyers and sellers, and could cause thousands of sales to fall through at the final hurdle as buyers realise their sale will not be completed ahead of the deadline.”
Now the government is being urged to extend the stamp duty holiday for another six months through an online petition which has already gained more than 14,500 signatures. If approved the additional six months would help to prevent a break down of chains. You can help by signing the petition HERE.