Property Transactions Rose Sharply
20th November 2020 posted in Sellers Buyers
At Hunters Camberwell, we are on hand to assist you with any housing issue you have. We know the stamp duty holiday is driving activity and engagement right now. We see this in our daily dealings, and it is also evident in figures provided by leading sources in the UK housing market.
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.
Our experience and expertise will help you sell your home at a faster rate, allowing you to move on to your next home.
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
With all these parties having a greater workload, and COVID restrictions in place, it is not unreasonable to expect delays in the housing market.
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
As we move towards November, there is only 22 weeks of the stamp duty holiday left. Therefore, buyers and vendors are advised to move as quickly as possible to ensure they benefit from the saving.
If you are looking for guidance or information regarding the housing market, please get in touch with Hunters Camberwell. As a local estate agent who has the support of a national network, we are ideally placed to provide you with all the help and guidance you need to make an informed decision, so please contact us today.