It appears as though the stamp duty holiday has had a significant impact on the housing market. We are pleased to say we have welcomed many prospective buyers, and we know there is a strong level of local demand.
There have also been various studies detailing demand nationally. If you want to stay in touch with the latest developments in the housing market, contact Holmes Estates, and we will be more than happy to assist you.
Buyers are looking for homes
Information provided by the property group Andrews for July 2020 suggests:
Viewings rose by 29% compared to the previous months’ viewing figures
Physical viewings increased by 45% in comparison with the previous month
In July 2020, there was close to 6,000 viewings, which equates to around 200 viewings per day
In April 2020, the average was 20 viewings per day
There was a rise of 12% with respect to offers made and accepted by vendors in July 2020
Instructions rose by 22% in July compared to June figures
David Westgate, is the Group Chief Executive at Andrews Property Group. David said; “What a difference four months makes. In April viewings and instructions across the industry fell off a cliff as the country was gripped by coronavirus and the Government asked us to stay at home. But the rebound has been swift as lockdown eased and the Chancellor’s stamp duty announcement at the start of July gave the market a timely boost.”
The stamp duty holiday has been welcomed by buyers, but it has also been positive news for vendors. If you are a homeowner looking to sell your home, knowing there is significant interest in the housing market must be taken as a positive outcome.
We offer property valuation services
Of course, if you are a homeowner looking to sell your home in South West London, we can help. We are pleased to say we offer property valuation services. If you want to make an informed start to the sales process, get in touch and we will ensure you have all the information you need when selling your home.
David also said; “Buyers and sellers alike have shown renewed vigour in the past six weeks. With a lengthy window of opportunity to purchase before the stamp holiday comes to an end, we expect buyer activity to remain buoyant over the coming months. And we saw an immediate uplift in valuations and instructions since stamp duty was frozen, with sellers keen to take advantage of motivated buyers and more confidence to list thanks to stable house prices.”
While some people have optimism in the housing market, it is important to be cautious. There will be challenging times ahead, financially and economically, but if you are looking to move, Holmes Estates is here to assist you.
David Westgate also said; “It won’t be all plain sailing from here, but the Government has shown how important it sees a healthy and stable property market for the general wellbeing of the overall economy. And house prices have proven to be extremely resilient in the past when faced by strong economic headwinds, which suggests the market is well placed to cope with some potentially heavy bumps in the road ahead.”
We have considerable experience and expertise in the South West of London. We are ideally placed to help vendors, tenants and landlords during this challenging time. If you have any questions regarding the South West London property market, please get in touch with Holmes Estate Agents today.