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Residential: Highest level of sales reported since January 2007

Tue 16 March 2021

It has been reported that an estimate of 121,640 transactions completed on a national level in January 2021, the highest January total since 2007 and a 24.1% increase on 2020. At youngsRPS, we have seen one our busiest January’s on record with sales agreed up by 77%, and sales completed up by 33% year-on-year. Gabrielle McKenna, Branch Manager and Valuer at youngsRPS Sedgefield explores what has caused the surge in transactions.

“It is becoming increasingly obvious that the ongoing lockdown and restrictions have caused people to reassess their housing priorities. A large portion of the nation has spent the majority of the past 12 months working from home, home-schooling and in their free time, following the ‘stay at home’ order. Conversations with our applicants suggests that this has left many people feeling that they have outgrown their properties.

The stamp duty holiday (including the recent news of an extension until June 2021 and tapering until the end of September 2021) has most definitely encouraged transactions as purchasers take advantage of the opportunity to save up to £15,000. I recently saw a statistic that reported that the number of prospective buyers contacting agents was up by 12%; demand continues to gain momentum leaving vendors in a fantastic position.

Whilst the stamp duty holiday has given people the impetus to list their property on the open market, it isn’t the sole cause of the surge in activity. As an industry, we have had to adapt to be able to operate in a COVID-19 safe environment; digital platforms have been at the forefront of property marketing, giving prospective buyers the opportunity to view properties online at their own convenience. Virtual tours have proved extremely popular with our applicants, allowing them to experience a property from the safety of their own home.

On a more regional level, we aren’t expecting the market in County Durham to slow down anytime soon! The recent announcement of the of The Treasury North to Darlington, and the new government-backed 5% deposit mortgage guarantee scheme (set to launch on 1 April) give further certainty for the property market and will help to encourage more people on to the housing ladder.”

If you would like to discuss your property with Gabrielle, please contact her on 01740 617 377.

Data source: Dataloft Inform