One of the highlights from 2020 has been the boom in the housing market since the markets reopened across the UK in the summer. This has led to consistently higher numbers of properties coming onto the sales marker, and then becoming SSTC, across the UK. What we’ve also seen is higher than in 2019 numbers of sales falling through, but you’d expect that with more sales being agreed in the first instance – the ratio of sales agreed to falling through it very similar to that of 2019, just with larger numbers. Interestingly though, the number of properties that are being withdrawn from the market has remained around the same volumes as on 2019. This shows the intent from sellers is extremely high and also that there are enough buyers in the market to keep sales ticking.
So if we look at the rental market, we notice that the recovery from the initial lockdown was a lot quicker than the sales market. However, it didn’t replicate the sales market in being far more buoyant than in 2019. Volumes of Rental properties coming to the market and those being Let Agreed generally topped out at around the same volume as in 2019. You’ll see on the graphs below that the trends of both New Instructions and Let Agreed rental properties followed very closely, the line of volumes from 2019.
OVERALL, IT’S GOOD
Overall, we’ve seen a 9.2% increase in the number of Sale transactions being agreed throughout the UK in 2020 when compared to 2019. This is quite remarkable when thinking about the market in late March through to May/June – when it was essentially closed to vendors and buyers. Since the housing markets have been allowed to open through the further Lockdowns and Tiering systems, the housing market has thrived. With a lot more people spending much more time inside their homes than they ever have before, and the realistic prospect of this home working being something that will long continue, consumers have been looking at making sure that they have the best home office space that they can have. There’s also been a lot of movement from people moving out of cities. maybe now they can work from home?
Your Removal, Storage, Van Hire and Property Team