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LBTT threshold must be implemented immediately

09 July 2020

In response to the Chancellor's Summer Statement at Westminster, the Cabinet Secretary for Finance, Kate Forbes MSP, has said that the Scottish Government will raise the threshold for Land and Buildings Transaction Tax (LBTT) from £145,000 to £250,000. Read More...

Electronic signatures for conveyancers

09 July 2020

HM Land Registry has today, 9 July issued draft guidance on the introduction of e-signatures in order to tackle the issues that legal formalities have caused during the COVID-19 pandemic. Read More...

Court case brings to light the importance of Sales Protocol Toolkit

09 July 2020

A recent case where a surveyor failed to identify serious remedial issues has highlighted the importance of using Propertymark’s Sales Protocol Toolkit to help minimise potential misconduct when selling a property. Read More...

English housing market picking up following lockdown

Thursday 25 June 2020

As the housing market reopened, estate agents recorded an average of five sales per branch, and demand for housing was seven per cent higher than recorded pre-lockdown.

The data was collected after the English housing market reopened on 13 May with our latest report covering the period 13 to 31 May. 

Supply and demand 

The number of house hunters registered per estate agent branch rose by seven per cent, increasing from 322 in February to 344 in May. Year-on-year, housing demand is up by 12 per cent, rising from 307 in May 2019 as prospective buyers resumed their home-buying plans.

The number of properties available per member branch stood at 35 in May, a year-on-year fall of 15 per cent from 41 per branch in May 2019.

Sales 

The average number of sales agreed per estate agent branch stood at five in May, a decrease of almost half (44 per cent) compared to February when there were nine sales recorded per branch.

The number of sales made to first-time buyers stood at 32 per cent in May, a rise from 22 per cent recorded in February.

Other considerations

More than two in three (70 per cent) properties sold for less than the original asking price and 61 per cent of estate agents have seen an increase in the number of sales falling through since the Government imposed a lockdown.

Read the full report

Quote mark

It’s great to see the market up and running again, bringing some much-needed confidence back. With estate agents following new socially distanced protocols and the demand for viewings soaring, we are set for an exciting summer.

It will be interesting in the coming months to see if the lifestyle changes triggered by the COVID-19 pandemic will have an impact on house sale locations, especially in and around commuter towns.

Phil Keddie

Mark Hayward
NAEA Propertymark Chief Executive