Sellers receive offers within a month as end of stamp duty holiday draws near

Sellers receive offers within a month as end of stamp duty holiday draws near

 

This is more than double pre-Covid figures in 2020 where around 20 per cent of properties listed with the group sold within 31 days.

But a lack of supply of new homes being listed could lead to a drop off in sales.

According to the group, buyers have been “highly motivated” to buy quickly since the stamp duty holiday deadline was extended to June, leading to shortened buying time.

This trend has been seen across the market as HMRC figures from the first quarter showed a 53 per cent surge in transactions compared to the same period last year.

However, demand is starting to outstrip supply, especially for popular properties such as houses with gardens. The group predicts that market activity could start to dip in June and then again in September.

New instructions at Andrew’s network of 50 offices in the south of England fell by more than a quarter from March to April. This compares to a near doubling from February to March.

However, instructions have rebounded compared to last year with April instructions in 2020 coming in at 55, compared to 343 in April this year. This was partially attributed to the start of the first lockdown in the UK.

Viewings have also dropped by more than a third between March and April, which Andrews attributed to a lack of new stock. In April last year Andrews recorded 20 viewings, which has since soared to 4,166 in April this year.

Andrew Property Group’s chief executive David Westgate said: “For any homeowners serious about selling, this is the perfect time to be marketing your property, but these favourable conditions won’t last forever, so this isn’t the time for a wait-and-see approach.

“We may see market activity dip once the stamp duty tax break starts to taper off from the start of July, and again at the end of September, when the tax break ends. The Chancellor is unlikely to extend the stamp duty holiday again, so sellers have a three-month window of opportunity to market their properties before conditions could become more unpredictable.”