Rightmove's market update August 17th
Rightmove tell us it's their busiest month for 10 years as home-buying supersedes summer holidays...
Here's the headlines -
Highest number of sales agreed in a month since we started tracking this data over ten years ago, up by 20% on the previous high, and with a record total value of over £37 billion
Highest number of properties coming to market in a month since March 2008 as more movers join in
Latest weekly sales agreed figure up by 60% compared to the same week in 2019 as buyers ignore the usual summer holiday slowdown
Record levels of buyer activity lead to processing delays and mean that patience is required to get sales agreed to completion
The number of monthly sales agreed is the highest that we have ever measured since we started tracking this figure ten years ago, up by 38% on the prior year, and a massive 20% higher than the previous record set in March 2017. The increase in activity is not just a result of the stamp duty holiday, as sales agreed are up across all sectors of the market. They’re up 29% in the first time buyer sector, 38% in the second stepper sector and 59% for larger, top of the ladder homes. Momentum is still building, with the latest weekly figure for the number of sales agreed having shot up by 60% compared to the same week a year ago.
The rulebook has been rewritten as the post lockdown mini boom accelerates rather than slows down. There is normally a seasonal slowdown in housing market activity over the summer months, as both buyers and sellers turn their attention to summer holidays. But this year, home movers have put more property on the market and have agreed more sales than in any month for over ten years, worth a record total of over £37 billion. This is leading to monthly price increases in ten out of twelve regions, with a record high in new seller asking prices in seven of those regions.
Miles Shipside, Rightmove director and housing market analyst comments: There have been many changes as a result of the unprecedented pandemic, and these include a rewriting of the previously predictable seasonal rulebook for housing market activity and prices. Home movers are both marketing and buying more property than we have recorded in any previous month for over ten years, helping push prices to their highest ever level in seven regions. Rather than just a release of existing pent up demand due to the suspension of the housing market during lockdown, there’s an added layer of additional demand due to people’s changed housing priorities after the experience of lockdown. This is also keeping up the momentum of the unexpected mini-boom, which is now going longer and faster. We associate this time of year with diving into the pool rather than the property market, and of sand and sun rather than bricks and mortar, but buyers have had a record £37 billion monthly spending spree.”
So it will be of no surprise when we say that all of our offices continue to see record-breaking numbers this summer. We're busy helping sellers and buyers across all areas of our wonderful city secure all types of property. If you're thinking of moving and want to know exactly what's happening in your local area get in touch, we're here to help!
Mon 17 Aug 2020