While official confirmation that the economy is in recession is hardly positive, these are busy times in the housing market. If you are looking for guidance on the market right now, and why it appears to be so busy, Coakley & Theaker is on hand to assist you.
Information provided by the property group Andrews for July 2020 suggests:
Viewings rose by 29% compared to the previous months’ viewing figures
Physical viewings increased by 45% in comparison with the previous month
In July 2020, there was close to 6,000 viewings, which equates to around 200 viewings per day
In April 2020, the average was 20 viewings per day
There was a rise of 12% with respect to offers made and accepted by vendors in July 2020
Instructions rose by 22% in July compared to June figures
We are pleased to say we have assisted many local buyers, and we have welcomed many to our premises. If the stamp duty holiday has enticed you into action, come and speak with us, and we will be more than happy to assist you.
David Westgate, is the Group Chief Executive at Andrews Property Group. David said; “What a difference four months makes. In April viewings and instructions across the industry fell off a cliff as the country was gripped by coronavirus and the Government asked us to stay at home. But the rebound has been swift as lockdown eased and the Chancellor’s stamp duty announcement at the start of July gave the market a timely boost.”
The stamp duty holiday has been highly effective for buyers, but it has also been hugely important for vendors. If you plan on selling your home soon, we can arrange a property valuation for you.
David also said; “Buyers and sellers alike have shown renewed vigour in the past six weeks. With a lengthy window of opportunity to purchase before the stamp holiday comes to an end, we expect buyer activity to remain buoyant over the coming months. And we saw an immediate uplift in valuations and instructions since stamp duty was frozen, with sellers keen to take advantage of motivated buyers and more confidence to list thanks to stable house prices.”
There are many challenges to come in the housing market, but at Coakley & Theaker, we look forward to assisting you.
David Westgate also said; “It won’t be all plain sailing from here, but the Government has shown how important it sees a healthy and stable property market for the general wellbeing of the overall economy. And house prices have proven to be extremely resilient in the past when faced by strong economic headwinds, which suggests the market is well placed to cope with some potentially heavy bumps in the road ahead.”
At Coakley & Theaker, we aim to support the local community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.