04May

Completed Deals Continue To Rise

While some parts of the housing market are moving quickly, with many deals agreed at short notice, the time it takes for deals to be concluded is continuing to rise.

This shouldn’t be a surprise. Few industries are working with the efficiency they were before the pandemic. Also, the demand for property is huge, and there is a significant backlog in the market.

At Atkinsons Residential, we have spoken with many buyers and vendors. We know the challenges people face these days, and how keen people are to conclude deals.

We also stay in touch with the latest national news and studies, ensuring you make an informed decision in the housing market.

Consider the changes in the housing market

Given the events of last year, it is easy to see why many industry specialists will compare 2021 with 2019. For the first quarter of 2021, there was a subdued start, with the following findings:

New property listings were down 18% in comparing January 2021 with January 2019
New property listings were down 15% in comparing February 2021 with February 2019
For March 2021, new property listings rose by 14% compared to the March 2019 figures

There are many reasons why the March figures are more positive, including the lockdown exit plan, the stamp duty holiday extension and the Government announcing the mortgage guarantee scheme.

Sold Subject to Contract figures

The figures for January and February 2021 were similar to the 2019 figures. However, the monthly volumes in March 2021 represented an 18% increase on the March 2019 data.

Legal Conveyancing numbers

For property search orders, there was a 40% rise for the 2021 figures compared to the 2019 numbers.

Completions were up across the board

With respect to completed transactions, the following results were obtained:

The January 2021 figures were 20% up on the January 2019 numbers
The February 2021 numbers were 38% higher than the February 2019 figures
In March 2021, there was a 66% increase compared to March 2019

Simon Brown, CEO of Landmark Information Group, said: “With the volume of property completions far exceeding those recorded in 2019, our latest Property Trends Report shows that the property market in England and Wales started the year in a buoyant state, with all eyes focused on the original Stamp Duty holiday deadline. In contrast, while property listings were initially subdued for the first two months of the year, an acceleration of sellers listing their properties that emerged in March will help balance the overall supply and demand issue, as available stock rises.”

Simon concluded by saying; “With the government supporting the market through the extended Stamp Duty break to the end of June alongside the mortgage guarantee scheme, we will be closely monitoring the pipeline over coming months to see if the market now finds a more stabilised pattern.”