So the year is drawing to a close and, hopefully by the time you read this, so has Lockdown 2.0. Strangely, whilst the retail sector goes through the toughest time in recent memory, the property market is still going strong. The initial fear that a second lockdown may well be enough to put the brakes on the market has passed and activity levels remain high.
As I write this Rightmove are estimating that there are currently 650,000 ongoing agreed property sales, an increase of 67% on the same time in 2019. Sales figures from October are 50% higher in 2020 than in 2019. The ‘mini-boom’ continues!
In some cases the approach of the end of the stamp duty holiday has even seen a lowering of the average marketing price of property. With some owners looking to secure a quick sale and have everything tied up before the end of March to qualify for stamp duty exemption, we are seeing realistically priced properties placed on the market to attract a quick sale.
That said it certainly isn’t an indication that the level of house prices are on the downward turn. If anything it is an example of proactive and sensible marketing. Rightmove figures also show that their prediction of a 7% growth in average house prices over the year seems to be on track as, with a month to go, the rise in prices sits at 6.3%.
With no sign of the pre-Christmas slow down coming into effect yet, many people may just be getting the Christmas present that they really wanted this year – an agreed sale or purchase and a fresh start to a New Year.