Latest News

Agents’ views sought on property listings

20 April 2021

The National Trading Standards Estate and Letting Agency Team (NTSELAT) has today, 20 April, launched a consultation to gather information to develop guidance as to what should be considered material information on property listings and portals. Read More...

Record breaking activity in regional markets across the UK

19 April 2021

Market activity continues to grow and the appetite from prospective buyers is such that many properties are not being listed on the property portals, as agents focus on fulfilling Consumer Protection Regulations, completing Property Information Questionnaires, and marketing properties to those proceedable buyers, already registered with the agency. Read More...

New 95 per cent mortgage scheme launched

19 April 2021

The UK Government has today, 19 April, opened a Mortgage Guarantee Scheme to help first-time buyers and current owners with 5 per cent deposits buy a house up to £600,000. Read More...

Proportionate approach needed to building safety in Wales

15 April 2021

Propertymark has responded to the Welsh Government’s consultation on improving building safety in Wales by supporting the proposed measures but urging the Welsh Government to also consider the height of buildings, occupation and material used to build property to determine fire risk rather than simply the number of dwellings. Read More...

 

Housing market continues to show strong levels of activity

Wednesday 24 March 2021

Housing markets are flourishing, with many experiencing high levels of demand and houses being sold on a best and final offer basis in much of the UK. Following the UK Government budget at the start of March, the latest figures for England continue to show growth.

Agents around the country have reported extremely busy housing markets, with many bracing themselves for increased activity as we move into Easter when the Government is expected to start loosening restrictions.

The pandemic continues to affect processes involved in transactions, as concerns about Coronavirus mean that vendors look for ways to sell with minimal viewings. The trend highlights the importance of prospective buyers registering their requirements with estate agents as many properties are receiving interest before they are listed on property portals.

Housing market in England

The latest statistics for England from Zoopla show the benefits of extending stamp duty, with 500,000 people expected to benefit from the Government’s decision to move the deadline to the end of June. The policy has benefitted northern parts of England in particular, where lower prices mean a greater share of properties are not eligible for the tax.

House prices were above 4 per cent for the fourth month in a row, the first time this has happened since 2017. While the figures were positive, there were some regional differences across the country. Prices in the north west were up 5.4 per cent but in London house prices lagged at 2.3 per cent. In contrast, the numbers showed strong performance for northern cities such as Manchester, Liverpool and Leeds.

Demand for housing

In the weeks following the budget, demand was 80 per cent higher than at the same time last year. Performance was particularly strong, with the figures for January to March 2021 showing the total level of demand to be 13 per cent higher than the average for the whole of 2020.

The trend towards properties with more space continued, with demand for 3-bedroom properties seeing the biggest post-budget bounce.

Housing supply

Whilst demand was strong, sales were constrained by supply issues, putting upward pressure on prices. This is expected to ease somewhat as lockdown restrictions are loosened and more properties come onto the market.

Outside London, the average property sold one week faster than before the first lockdown, indicating that buyers are looking beyond the capital in their quest for more space. This was also evident in buyers’ preference for houses over flats, with the former selling three weeks faster on average.

Propertymark reports

Propertymark publishes the regular Housing Market Report each month, including data on the number of prospective buyers, housing demand and sales to first-time buyers.

Our most recent report for January showed how the stamp duty holiday had increased demands by two thirds, with a record number of sales agreed and the highest number of average sales agreed since January 2007.