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New data has shown after lockdown with pent-up demand people are now looking for more space to work from home and are willing to spend a premium on larger houses whilst using the advantages of temporarily cut taxes.
Highlights:
- Hitting the highest year on year growth with a 40% increase in listings over last September
- September sales up 50% on previous year, driving a short term price growth
- 75% increase in activity following the government reopening the housing market
- Data from HMRC shows that 98,010 property sales went through in September, up 21% on August’s figures
- Average asking prices increase by 5.5% year-on-year
- Up to £15,000 savings in tax for buyers who move before April 2021
Russell Galley, Managing Director of Halifax, said:
“We’ve seen a fundamental shift in demand from buyers as a result of increased home working and a desire for more space. There’s now evidence that it’s this push for larger properties that has been driving the mini-boom witnessed in the housing market since lockdown restrictions were first eased over the summer.”
Source: Rightmove UK
What does the near future hold?
Rightmove: The market is likely to continue performing well in the short-term, but buyers and sellers ‘still need to be mindful of the wider economic concerns.
Nationwide: The winding down of government support schemes could ‘dampen housing activity.
- Predicted figures show Londoners will expect a 20% increase in house prices to 2025
- Housing shortage to increase prices as demand outweighs supply
- Cash rich buyers to trigger housing growth in affluent London Boroughs
- Fears are growing among agents that the sudden closure of the stamp duty window could cause a sharp drop in transaction levels
As a team, Thomas Gray are operating at full strength following the government advice, supporting our clients and candidates through these challenging times whilst prioritising the safety of all those we work alongside. We continue to take instructions on new mandates and remain busy across all functions and levels with most of our key clients looking to hire into the winter.
There has been a sector wide push to remote working and video conference calls, the latter proving integral in terms of moving recruitment and business forward.
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