Day: 14 September 2020

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UK Property Figures for July: 13 Year Sales High

After Chancellor Rishi Sunak announced his decision to remove stamp duty on sales until April next year, there was always going to be interest in how this might effect the property industry. Last week, the NAEA announced UK property figures for July, and with the exemption of stamp duty in mind, the results are not surprising.

The overriding headline is that sales are at a thirteen year high, with sales per branch not reaching current figures since June 2007. Branches on average sold 13 houses throughout the month of July representing a massive 44% increase from July of last year. 

As you might expect, the increase in sales has come from an increase in demand, undoubtedly due to the stamp duty exemption. Between June and July there was a 13% increase in house hunters signing up at branches, indicating the effects of the Chancellors decision. This is also a significant increase in comparison to last July. Year-on-year there has been a 35% increase in new signups at branches, representing a large incline in demand.

Perhaps surprisingly, despite the increase in demand, sale prices have declined. 8% of sales were completed above the asking price in July compared to that of 10% in June. Prices agreed below the asking price tell a similar story, with 60% of sales being agreed below asking price during July.

Finally, supply of properties has played a role in these figures too. Between June and July of this year there has been a swift incline in the number of properties for sales across estate agent branches in the UK. During June of this year agents had, on average, 37 properties on their books. During July this figure rose to 43 properties, showing a sharp rise in the number of properties for sale and perhaps giving an insight as to why prices have dropped.

Overall, it has been a busy time for estate agents with plenty of movement still expected in the months to come. We’d be more than happy to help with your latest move, so come and visit us at our Newton Abbott office to get things started!

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UK Property Sales High

The NAEA recently announced the results of the property sector for July of this year and the results are certainly interesting and include a UK property sales high not seen for thirteen years.

It was noted that branches of estate agents sold an average of thirteen houses during July. This figure has not been so high since before the financial crisis in June of 2007, making it a UK property sales high for that period. Looking at this on a year-to-year basis also makes for interesting reading, with a 44% increase in comparison to July of last year signifying a remarkable increase.

With large increases in the number of sales there has come a decrease in the sale prices of properties. Just 8% of sales were agreed above the asking price, down from 10% in June. Add to this the fact that 60% of sales were agreed for below asking price and it is clear there has been a slight decline in sales prices.

The decrease in sale prices, somewhat surprisingly, comes with an increase in demand. The NAEA reports an increase of 13% in new house hunters registering per branch in July when compared to June. Year-on-year the statistics align, with a 35% jump in new signups in comparison to July of last year.  

Along with demand, supply also rose. In June of this year branches across the UK would have, on average, 37 properties for sale. In July this jumped by six to 43 properties on sales at each branch, representing an increase in supply. However, year-on-year there has only been a minimal change with an average of 41 properties available throughout branches in July of last year.

The figures certainly represent a large change for the property market during July and one that is likely to continue into August and beyond. Head on down to our Bovey Tracey office and have a chat with us to discuss your options!

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UK Property Market Sales High

Last week, the NAEA announced a thirteen year high on the number of sales agreed per branch during July. On average, branches sold thirteen houses throughout July, a number not previously reached since June 2007, before the financial crisis.

Year-on-year, there has been a 44% increase when compared to July 2019, signifying just how pivotal the Chancellors decision to remove stamp duty has been on the property market.

Despite the increase in sales, sale prices seem to have fallen. Only 8% of properties sold for over their asking price, down from 10% in June of this year. Additionally, 60% of sales were completed for less than their asking price.

Interestingly, the slight decline in sale prices has come with a rise in demand. From June of this year to July, the NAEA reports an increase of 13% in new house hunters registering. Couple this with an increase of 35% in new signups from July 2019 and the increase in demand is evident.

While demand rose, so too did supply. There was an increase of six available properties per branch between June and July, rising from 37 to 43. Although, it must be noted this is only a marginal increase when compared to last years stats.

These figures certainly show a willingness to buy in the current market and with no stamp duty its no wonder why. If you’re looking to take advantage of this, why not pop down to our Teignmouth office or get in touch via phone? We’d be happy to help.