Housing market activity continues to be incredibly strong, as there is an estimated 650,000 sales currently going through the buying and selling process and new sellers have joined the rush to beat the deadline for stamp duty savings.
According to Rightmove’s House Price Index, there were 50 per cent more national sales agreed than compared to 2019, however, the average house price coming to market was 0.5 per cent lower than the previous month.
For landlords and letting agents in Hornchurch the average house price of £442,730 is still 3 per cent up on last year.
It is a unique time for the housing market, as demand remains high, but sellers are increasingly motivated to price houses at a rate that is likely to sell quickly in time for the 31st March deadline for stamp duty savings.
Quickly agreeing to a sale in principle has become increasingly important, as the vast amount of sales has led to a logjam in the conveyancing process. This, somewhat inadvertently has led to the continued rush of sales as people rush to buy and sell and quickly as possible to avoid these delays.
What will happen next for the market will depend on a variety of factors, but it appears to be unlikely that there will be a downturn in the market until a sale runs out of time to beat the stamp duty savings.
Even then, a possible extension, as well as the change in conditions caused by a vaccine may lead to another surge in the market.