Rising Property Transactions Create Pressure In Housing Market

20th November 2020 posted in Property News Sellers Buyers

At Hunters Stoke Newington, we know many people are looking for guidance in the housing market right now. While there has been a lot of negativity regarding the London housing market of late, we don’t believe this is the case.

We work closely with a wide range of buyers and vendors. The stamp duty holiday has invigorated the market, and many households are keen to move sooner rather than later. Having the chance to save up to £15,000 in stamp duty fees has created activity and interest, and if you want to sell your Stoke Newington home, we are here to assist you.

We help you enter the market with confidence

We can arrange a property valuation which allows you to enter the market with great confidence. A realistic valuation is the ideal starting point in engaging buyers, and attracting attention and interest in your home. Also, with a realistic valuation, you have an ideal starting point in planning your home.

We also stay in touch with the latest market news and industry figures. For instance, most people place great importance on HMRC figures, and they indicate property transactions rose sharply in September.

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
  • Solicitors
  • Mortgage Lenders
  • Surveyors

It is no surprise to learn all these professionals are under greater pressure right now thanks to an increasing workload. Also,

Simon Law, incoming chair of the Society of Licensed Conveyancers (SLC) said; “Conveyancers are currently dealing with an unprecedented set of circumstances which are constraining the ability to progress transactions. The property market is seeing volumes not experienced since the recession, caused by a backlog of transactions from the period of lockdown, and many people re-appraising where they want to live as a result of the covid-19 epidemic. This is compounded by the current SDLT ‘holiday’ on property purchases under £500,000 which has added fuel to the fire. This and the impact of Covid-19 on the legal profession has resulted in conveyancers being stretched to the limit.”

Consider making a move soon

As of 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.

If you need any help or guidance regarding property matters, please get in touch. As your local housing market specialists, we will do what we can to ensure you make your next house move in style. Contact Hunters Stoke Newington today for all your housing and letting needs.