New data released by Andrews Property Group shows that a significant percentage of homes that were put onto the property market during January sold inside a single month.
This research reveals that 40% of these homes were sold inside 31 days of being added to the UK property market – this represents the highest monthly percentage of such properties to be sold in such a short period since the start of the COVID-19 pandemic. By comparison, December saw just 24% of newly listed properties selling inside 31 days, while for the whole of 2020, the figure was 27%.
The need to complete property transactions before the end of the holiday on stamp duty is being cited as the likeliest cause of it, as this rush came before the deadline extension was announced in this month’s Budget.
Chief Executive of Andrews Property Group David Westgate told Financial Reporter that the looming deadline for the stamp duty holiday undoubtedly concentrated the minds of buyers on getting transactions done, adding:
“By February buyers knew it was touch-and-go they would complete in time, and we saw a pull back with buyers choosing to wait and see what the Chancellor would announce in his March Budget.”
Westgate went on to point out that there has been a similar surge in property transactions since the announcement of the extension, with people eager to take advantage while they can.
Advisors will want to put what they learnt during their CeMAP training courses to good use to capitalise on this period.
