Two of the main, The Halifax and The Nationwide, report very similar year-on-year growth of 3.8% and 3.7% respectively. Furthermore, chief economist, Robert Gardner of The Nationwide indicates that August recorded the highest monthly rise in more than 16 years equating to 2% – taking the average UK house price to £224,123.
Our 18 residential sales offices across the heart of Yorkshire are reporting very similar positive trends, despite this year's Covid related challenges, last year we witnessed the closing act of Part One of Brexit (with the added spice of the chatter about an autumn election), which resulted in very subdued sales over the second half of 2019.
Our offices have been consistently busy since the end of May, the market supported by:–
- Pent-up demand which built up during the 10 week lockdown period;
- Continuation of the Help to Buy scheme;
- Buyers seeking to take advantage of the considerable stamp duty reliefs which remain in place until the end of March. These could save £15,000 on a £500,000 purchase;
- The build up of demand which grew during the summer and autumn of last year when supply and transactional volumes were especially low. It was interesting to see how the market recovered immediately after the election at a time when it would normally head towards a Christmas shutdown.
In numbers across our offices during August:-
- The volume of agreed sales was up 40%
- We conducted over 3500 viewings
- Over 65,000 visited dacres.co.uk - an increase of over a third on last year.
The early signs for September indicate a continuation of the very active market, with excellent viewing volumes despite the fact that school holidays are only now coming to a close. Already the sales offices have an excellent level of new instructions which will be coming to the market over the next few days and weeks, and these are across a broad price spectrum, reflecting our expertise across the whole of market within the heart of Yorkshire.
If you are actively looking to purchase this autumn I would strongly recommend that you register directly with the offices to keep up-to-date with the latest instructions as not all of our stock is promoted through the major web portals. To find your local office, click here. Given all of the changes in the market place if you would like us to attend your property and give you up-to-date sales advice please call your local office or request a valuation by completing the form here.
Finally I should add that mortgage lenders are changing deals and rates frequently and they are also seeking strong levels of deposit. If you would like to discuss your mortgage requirements in the fluid lending environment then I recommend that you engage with Mortgage Advice Bureau. They are the leading mortgage intermediary network in the UK and we work with them to ensure you can get the right mortgage for your individual circumstances. Any of our offices can put you in touch with an expert adviser and they will provide you with the advice you need face-to-face or, if more convenient, over the phone - at a time to suit you. Click here for more information.
Patrick J McCutcheon
Head of Residential
Dacre Son & Hartley
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