Increase In Property Viewings
13th September 2020
13th September 2020
If you are wondering whether the stamp duty holiday has boosted the housing market, the answer is yes. We have seen this here in Northampton, and there are figures from across the country which suggests there has been an upturn in housing market activity.
Information provided by the property group Andrews for July 2020 suggests:
Viewings rose by 29% compared to the previous months’ viewing figures
Physical viewings increased by 45% in comparison with the previous month
In July 2020, there was close to 6,000 viewings, which equates to around 200 viewings per day
In April 2020, the average was 20 viewings per day
There was a rise of 12% with respect to offers made and accepted by vendors in July 2020
Instructions rose by 22% in July compared to June figures
We are also pleased to say we have welcomed many prospective buyers in recent weeks. We know there is a high level of demand for homes right now, and whatever move you wish to make, we are here to assist you.
David Westgate, is the Group Chief Executive at Andrews Property Group. David said; “What a difference four months makes. In April viewings and instructions across the industry fell off a cliff as the country was gripped by coronavirus and the Government asked us to stay at home. But the rebound has been swift as lockdown eased and the Chancellor’s stamp duty announcement at the start of July gave the market a timely boost.”
While a lot of focus on the stamp duty holiday impact falls on buyers, it should be viewed as positive news for vendors too. This is because when there is a greater number of prospective buyers looking for property, vendors can feel more confident about moving forward in the housing market.
David also said; “Buyers and sellers alike have shown renewed vigour in the past six weeks. With a lengthy window of opportunity to purchase before the stamp holiday comes to an end, we expect buyer activity to remain buoyant over the coming months. And we saw an immediate uplift in valuations and instructions since stamp duty was frozen, with sellers keen to take advantage of motivated buyers and more confidence to list thanks to stable house prices.”
There will be a lot of challenges to come in the housing market, but with our help, we believe you can make an effective and informed decision.
David Westgate also said; “It won’t be all plain sailing from here, but the Government has shown how important it sees a healthy and stable property market for the general wellbeing of the overall economy. And house prices have proven to be extremely resilient in the past when faced by strong economic headwinds, which suggests the market is well placed to cope with some potentially heavy bumps in the road ahead.”
We know a lot of people are looking for guidance and assistance right now. If we can be of any assistance, we will. Therefore, if you have any housing market questions, please contact Merrys today, and we will be happy to help.