Market Standing Firm With Stamp Duty Holiday Tapering Off

If you want to know how the property market is doing, you should look at how buys, or not, estate agents are.

At Prestige & Village, this is something we are proud of, and our team is very busy these days. There is significant demand for rental property, and we love helping people, bringing buyers and vendors together.

We also know there is significant demand across the country, and this is seen in various figures. The latest numbers from NAEA Propertymark are always worth considering, and it suggests that even with the stamp duty holiday now tapering off, there is still demand and activity in the property market.

Number of properties available per member branch

For July 2021, this stood at 28
This is an increase from the June 2021 figures of 23
For July, this is the lowest ever figure year-on-year
The previous lowest figure for July was in 2017, when there were 35 properties available per branch

Average number of prospective buyers registered per branch

For July 2021, this stood at 428
This represents a modest increase on the 427 in June 2021
For the year-on-year figure, the 428 figure is unmoved, as this was the same tally in 428

Taking these figures suggests there is an average of 15 willing buyers for every listed property on the housing market.

Properties selling above the asking price

For July 2021, 31% of properties sold above the original asking price
This is a fall from the June 2020 figures, where 40% of properties sold above the original asking price
However, there is more in common with the May 2021 figures, where 33% of properties sold above the asking price
The July 2021 figure is a record for the month, with the previous high coming in July 2020, with just 8%

How many sales were agreed per estate agent branch?

There was an average of 10 sales agreed per branch in July 2021
This represents a fall from the June figure of 2021, which stood at 11
There was also a drop in the year-on-year figure, with the July 2020 figure standing at 13 sales per branch
The percentage of sales made to first-time buyers in July 2021 was 20%
This represents a fall from the 27% in June 2021

Nathan Emerson, chief executive of Propertymark, commented: “This month’s slight rebalance of the market is welcome news and a much-needed step in the right direction, with supply of property beginning to increase and the number of homes selling for over the asking price starting to even out. Now that the stamp duty holiday is close to it’s final phased out end, we expect this trend to continue in the coming months as people and spending habits return to normality post Covid.”

At Prestige & Village, we care about our community, and supporting others. We aim to provide you with as much help and assistance as we can. If you have any property or housing questions, please feel free to contact us today.