Pocock & Shaw Estate Agents

Housing market sees busiest month for over ten years

Posted on Thursday, August 20, 2020

Buyers and sellers have been rewriting the housing market rulebook this summer as more people are moving home than ever before.

July is typically a quieter time of year as people go away on their summer holidays, but last month was extraordinarily busy for home-movers across the UK.

Housing market sees busiest month for over ten years

Buyers and sellers have been rewriting the housing market rulebook this summer as more people are moving home than ever before.

July is typically a quieter time of year as people go away on their summer holidays, but last month was extraordinarily busy for home-movers across the UK.

In fact, we saw a massive £37 billion worth of property sales agreed in July – the busiest month for home buying since we started tracking this data over ten years ago.

Our latest weekly sales agreed figure is also up by 60% compared to the same week in 2019 as buyers continue to press ahead with their home-moving plans.

We’ve also recorded unseasonal all-time highs for new seller asking prices in seven regions, with the rising popularity of countryside locations driving prices in places like Devon and Cornwall.

However, these unprecedented levels of buyer activity may lead to processing delays and mean that you’ll need to be patient to get to completion.

What are the headline figures?

  • Highest number of sales agreed in a month for more than ten years, and with a record total value of over £37 billion
  • Sales agreed for July are up by 38% on 2019, and a massive 20% higher than the previous record set in March 2017
  • Latest weekly sales agreed figure up by 60% compared to the same week in 2019
  • Highest number of properties coming to market in a month since March 2008, and there are 44% more properties coming to market compared to the same period a year ago, though there are considerable regional variations
  • Unseasonal record high for new seller asking prices in seven regions, but London drags down the national average to a 0.2% fall due to its own more typical 2.0% seasonal monthly drop

What do the experts say?

Our resident property expert Miles Shipside explained that properties in typical commuter-belt areas now need to have more going for them then proximity to a train station alone.

He said: “More property is coming to market than a year ago in all regions, and at a national level the new supply and heightened demand seem relatively balanced. However, those expressing most desire to move on are unsurprisingly in London and its commuter belt. 

“London has 69% more properties coming to market, with the South East at 60% and the East at 56%. With work and transport patterns potentially changing most around the capital, commuter-belt properties need to have more appeal  to prospective buyers than just proximity to a station. 

“Many buyers do appear to be satisfying their new needs in these regions, as the number of sales agreed in each is also at a record level. The out-of-city exodus has helped push prices to record levels in Devon and Cornwall, for example, where working from home means a different lifestyle much closer to your new doorstep.”

 

Source: Rightmove