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.