Market Comment – October 2020
I’m pleased to tell you all that the housing market both in residential sales and lettings remained solid in October and in pockets of the areas we operate in, we are seeing prices still rise.
After analysing all of our figures, our prospective purchaser enquiries were up 4% on the same month last year and prospective tenants looking to rent was up 6% on the same month last year.
The stamp duty holiday and the governments help to buy scheme has really stimulated the housing market.
From the 5th November, England will go in to a national lockdown for 4 weeks and all non-essential shops, bars and restaurants will be closed, but the housing secretary Robert Jenrick has confirmed the property market will remain open both in residential sales, lettings and new homes. However, it remains at the forefront of our policy to keep our staff and the public safe during this second lockdown period and I concur with NAE Property Mark, Mark Hayward, in that it is vital that Estate Agents continue to take all the necessary steps to reduce the spread of Coronavirus.
I am of the opinion that as the stamp duty holiday deadline gets closer, the demand for property will increase and I think this will be highlighted in the next 5 to 6 weeks in particular. It is important to note that during this second lockdown period, surveyors will be able to value properties as long as they follow social distancing rules and all viewings may still go ahead as long as strict social distancing rules are followed.
In October, the average price of a property coming to market reached a national record of £323,530, a 5.5% jump from the same time last year according to Rightmove and the number of sales reached the highest number ever agreed in a single month, up 70% on September last year.
Whilst I am in no doubt that there will be challenges ahead in this second lockdown period and of course all our thoughts are with the NHS and all those supporting other people, I am confident that the next four weeks will see a steady and solid property market both in Sales and in Lettings and I look forward to reporting back to you in 4 weeks’ time.