Property Transactions Rose In September
25th November 2020 posted in Property News Sellers Buyers
At Hunters Forest Hill, we appreciate many people need support in the housing market right now. The stamp duty holiday has encouraged many people to be active in the housing market. We are pleased to say we are working closely with many local buyers and vendors.
We also stay in touch with the latest figures from leading sources in the property sector.
It shouldn’t be a surprise to learn that the number of property transactions which completed in September were on the up. It is estimated 98,010 transactions were completed in the ninth month of the year, and this marks a return to pre-COVID figures. With this information coming from HMRC, there can be a degree of confidence about these figures.
In the three months to September 2020, newly agreed sales rose by 53% compared to the previous years’ figures. The average time taken to move from agreed sale to exchange was 123 days, so not all current transactions will be part of the figures for newly agreed sales.
We have helped many homeowners to enter the market confidently, connect with buyers, and move on. If you are looking for clear and reliable support, please contact us today.
Professionals in property sector are under greater pressure
It should be noted that the higher demand for property will likely lead to delays. There is now greater pressure on:
- Estate Agents
- Mortgage Lenders
All these professionals are under greater pressure right now, and of course, also have to manage COVID guidelines.
Rob Hailstone is the founder of the Bold Legal Group (BLG), and he spoken about this issue.
Rob said; “It is not just the demand side that is creating a challenge to the conveyancing profession, but also the dependence on outside parties to progress transactions. Covid-19 restrictions mean that many local authorities are operating under extreme difficulties and this has affected their ability to supply their own searches and also to provide access to data for personal search companies. In addition, many mortgage lenders are experiencing delays in supplying offer letters and the valuer profession is also under extreme pressure.”
The problems experienced by conveyancers are outlined in an email which Hailstone received on from a BLG member. The email read; “There are delays with searches, surveys, mortgage offers and pretty much every other aspect of the process. Chasing, on the face of it seems sensible, but the more we chase people the more they get distracted. You might get put to the top of the pile for a few moments but doesn’t seem to last for long.”
Vendors should act quickly
By the middle of November, there will only be around 20 weeks left of the stamp duty holiday, unless it is extended. Therefore, buyers and vendors are advised to move as quickly as possible to ensure they benefit from the saving.
At Hunters Forest Hill, we know selling property is challenging, but we are here to assist you in the process. If you aim to buy, sell, let your home or rent property, we are active in New Cross, Peckham, Dulwich and Brockley, in addition to Forest Hill, so get in touch with one of the top three agents in London, and we will be happy to assist you.