Latest News: What’s Happening in the Property Market November 2020

Posted in Dec 02 , 2020

Just like many other estate agents up and down the land Cribs Estates Ltd are reporting excellent sales figures. It might come as a surprise to many, given what’s happening in the world, but it’s true – buyers are buying.

Undoubtedly, this in part is due to with the Stamp Duty holiday that the Chancellor introduced. Still, in our opinion, it’s also the fact that so many more people are at home and thinking about whether their current house is right for them.

We are also seeing that buyers want to move quickly, and properties are selling for the asking price or above in record time. This is good news, and if you’re thinking of selling, now is the ideal time to put your house on the market.

You may be aware that there are reports of some delays to the moving process in some areas, and this is true. It was inevitable really, as many people are still furloughed or working from home and so fewer people are handling the workload in terms of getting searches back, for example. Mortgage lenders are providing finance, but paperwork can be a little slow.

Don’t let this deter you though, as the Cribs Estates Ltd team are working as hard as ever to ensure you have a smooth move.

Interesting times indeed for those of us in the estate agency business!

As you know, here at Cribs Estates Ltd we keep up to date with the property market in general, so here’s a handy roundup of the highlights of the housing market over the past few weeks.

Don’t forget, if you want to know more about the London property market, just drop us an email at info@cribsestates.co.uk or call us on 0203 441 1571. We are your local property experts.

Spending Review Boost for Housing

It was interesting to hear the Chancellor, Rishi Sunak, announce funding packages for the housing sector. Up to £2.2bn of funding was revealed for housebuilders, in the form of loan finance.

He also spoke in his Spending Review about more finance for authorities in a bid to support housebuilding and regeneration. It’s welcome news for the property sector as it will help to keep the market going strong.

Stamp Duty Rush

As you know, the Stamp Duty holiday will come to an end on the 31st March, which will be a blow for some who are still thinking about buying.

However, The Guardian reports, based on information from Zoopla, that a rush to get sales done and dusted before the end of the Stamp Duty holiday means that more than “100,000 additional house sales are expected during the first three months of 2021.”

The report goes on to say that the number of new sales being agreed “remains 38 per cent higher than it was a year ago”, and that the market will be extremely busy before Christmas.

What’s in a Search?

Sticking with property website Zoopla, they’ve recently been looking at the types of searches that people do when looking for a new place to call home.

It turns out that their research shows garages and gardens topped the search list. We think this is because recently people are spending more time at home and therefore need accessible garden space or a garage – which some will have turned into a home gym.

Searchers also used the words “detached”, “rural” and “secluded”; as we’ve said before, there is a move by many to flee cities and towns and gain a better quality of life in rural, more isolated locations.

Prices Moving on Up

October house prices looked to be on the up, and the stats confirmed it. According to the Halifax bank, “house prices in October were 0.3 per cent higher than in September” and were four per cent higher between August to October than in the preceding three months.

The Halifax also reported that house prices in October “were 7.5 per cent higher than in the same month a year earlier”.

This is welcome news, and we suspect that the trend will continue for the coming months. It will be interesting to see what happens in the middle of next year. In the meantime, we’re looking forward to seeing the November data when it’s released.

If you’re thinking of selling your house, now is a great time to put your property on the market. You still have a chance to take advantage of the Stamp Duty holiday if you move quickly.

We can use our expertise and knowledge to help you through the process, whether it’s advice on preparing your home for sale, or helping you to think about what steps you need to take and the things you need to do. We are, of course, experts at marketing properties to the right people, using a mix of our local knowledge and marketing expertise.

Get in touch with us by emailinginfo@cribsestates.co.uk or call us on 0203 441 1571.

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