At Williams of Petersfield, we are pleased to say we have helped many buyers and vendors in the past year. This has been a busy time for the housing market, and a lot of moves have taken place.
This is something we have seen for ourselves, and it is also something which comes up in various studies.
Rightmove highlight the number of prospective property deals
The survey was carried out by Rightmove between 1st April and 12th April 2021 and 7,803 respondents engaged the study.
Rightmove stated the following highlights of their study:
- More than 700,000 homes are marked Sold Subject to Contract and going through the sales process, the highest number Rightmove has recorded over the past ten years and 78% higher than in May 2019
- New research among buyers expecting to benefit from the stamp duty holiday has found only 4% would abandon their plans to buy a property if they missed either the June or September deadline in England:
- One in four (25%) said they would try to renegotiate the price with the seller
- 13% said they would plan to buy a cheaper home
- 131,000 homes worth over £250,000 were marked Sold Subject to Contract in England between July last year and the end of February and are still trying to complete before the June stamp duty holiday deadline
The sales pipeline, as of mid-June 2021 in Great Britain was 704,000 sales. This is the highest figure for more than a decade. At the beginning of 2021, the sales pipeline was 613,000.
Many people are still keen to move
Rightmove spoke with people looking to move by September, with the following findings:
- 29% of respondents said they expect to move in time to capitalise on the stamp duty holiday
- The most commonly cited reasons for looking to move include; buying a home with a garden, moving to the coast or the countryside, to move to a bigger home or coming across the ideal property
- 4% of the group who plan on utilising the stamp duty holiday said they would abandon their plans if they missed the relevant deadline
- 53% of respondents said they would carry on as planned
- 25% of respondents said they would look to renegotiate with the seller
- 13% said they would look to buy a cheaper property
Rightmove’s Director of Property Data Tim Bannister says: “The easing of restrictions, extended stamp duty holiday, better mortgage availability for first-time buyers, race for space and relocation plans have all combined to create the biggest conveyancing logjam we’ve ever recorded over the past ten years. We really hope those who had at least four months to make it through to completion will make it in time to beat the first stamp duty deadline, but with the tapering until September many will still make some savings so all will not be lost. The pace of properties coming on and off the market is also the quickest we’ve recorded, and agents are telling me they have multiple viewings followed by a number of offers within days of a property first appearing on Rightmove. At the start of this year we had anticipated a quieter second quarter of the year, but buyer demand and the pipeline has continued at pace, making it an incredibly busy time for agents and conveyancers in many areas right now.”
At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.