Property Transaction Completions Are On The Rise

Property Transaction Completions Are On The Rise

At Coakley & Theaker, we know this has been a challenging year, but things are moving forward. As we move out of lockdown, people are keen to return to the things they loved, and to try new things.

We know many people are interested in making a move in the housing market, and if you are, we are here to assist you. We have helped many people in and around Bury St Edmunds, and we stay in touch with what people are saying.

We also follow the latest studies and statistics. If you are keen to make an informed decision regarding the housing market, please get in touch today.

New listings are coming to the market

Given the events of last year, it is easy to see why many industry specialists will compare 2021 with 2019. For the first quarter of 2021, there was a subdued start, with the following findings:

• New property listings were down 18% in comparing January 2021 with January 2019

• New property listings were down 15% in comparing February 2021 with February 2019

• For March 2021, new property listings rose by 14% compared to the March 2019 figures

There are many reasons why the March figures are more positive, including the lockdown exit plan, the stamp duty holiday extension and the Government announcing the mortgage guarantee scheme.

Sold Subject to Contract figures

The figures for January and February 2021 were similar to the 2019 figures. However, the monthly volumes in March 2021 represented an 18% increase on the March 2019 data.

Legal Conveyancing numbers

For property search orders, there was a 40% rise for the 2021 figures compared to the 2019 numbers.

Completions were up across the board

With respect to completed transactions, the following results were obtained:

• The January 2021 figures were 20% up on the January 2019 numbers

• The February 2021 numbers were 38% higher than the February 2019 figures

• In March 2021, there was a 66% increase compared to March 2019

Simon Brown, CEO of Landmark Information Group, said: “With the volume of property completions far exceeding those recorded in 2019, our latest Property Trends Report shows that the property market in England and Wales started the year in a buoyant state, with all eyes focused on the original Stamp Duty holiday deadline. In contrast, while property listings were initially subdued for the first two months of the year, an acceleration of sellers listing their properties that emerged in March will help balance the overall supply and demand issue, as available stock rises.”

Simon concluded by saying; “With the government supporting the market through the extended Stamp Duty break to the end of June alongside the mortgage guarantee scheme, we will be closely monitoring the pipeline over coming months to see if the market now finds a more stabilised pattern.”

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.