Rising Property Transactions In September

30th November 2020 posted in Sellers Buyers

At Hunters West Hampstead, we know people are looking for support and guidance in the property market. It is fair to say the stamp duty holiday has invigorated the London property market.

There were fears the market was stalling, with many people exiting the capital. However, with the chance to save up to £15,000 in stamp duty fees, many people and households are looking at property in and around London.

If you are looking to connect with buyers and sell your home, we can help. At Hunters West Hampstead, we are pleased to say we have assisted many local vendors. If you are looking for a property valuation, get in touch, and we will arrange this for you.

Information from the HMRC is always worth listening to when it comes to the property market.

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

All these professionals are under greater pressure right now, and of course, also have to manage COVID guidelines.

Lloyd Davies is the Operations Director at the Conveyancing Association, and he said; “Being able to plan for the current market circumstances has been an enormous challenge. The impact of Covid-19 created a vacuum of activity which has been followed by a tidal wave of property instructions. Not surprisingly during lockdown, most law firms furloughed many of their staff and indeed there were some redundancies. As the lockdown restrictions were lifted, firms were faced with the challenge of making work places Covid secure which inevitably meant that fewer employees could be accommodated at their place of work.”

Lloyd continued by saying; “The challenge then has been to choreograph home working alongside those back in the office with all the challenges that brings. Whilst firms have performed wonders in making such arrangements work it is inevitable that maintaining productivity is a real challenge, and of course allowance has to be made for the fact that unfortunately some employees have been affected by the disease.”

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.

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 West Hampstead today for all your housing and letting needs.