The market continues to buck trends with another bumper month as demand soars.
We used to be able to reliably predict how the housing market would change from month to month through the year, and August was a quieter month with summer holidays at the forefront of buyers’ attentions.
However, the usual August slowdown in the property market has almost disappeared this year, with holiday season sales running 78% higher than last year.
A recent Halifax report said house prices in Britain leaped to a new high in July, in a “surprising spike”. The bank said a “mini boom” in the market had pushed average property values up by 1.6% – or £3,770 – month-on-month in July and meant the annual rate of growth increased to 3.8% nationally.
Clare Phillips, Partner at Phillips George said; “The priorities of buyers seems to be more space in a rural situation, as the population of the city of Leicester looks outwards to the smaller towns and villages of Leicestershire.
“The market has been stimulated by cuts in stamp duty and mortgage holidays, which are both extraordinary and temporary, so now really is the time to act and get your house on the market.
“Although there has been a spike in sales since the ease of lockdown, there are some dark clouds on the horizon as this spike in sales is in stark contrast to the state of the economy. As schools reopen and the furlough scheme and other government support is withdrawn, the property market could slow.”
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Clare has been in the industry since 1998. Her career started as an administrator and she has worked through each role in estate agency from negotiator, sales progressor, valuer, manager and culminating in opening Phillips George as a co-founding partner. Through Clare’s career she has obtained professional qualifications with both NAEA (national association of estate agents) and ARLA (association of residential letting agents) to ensure that she delivers a first class service to all of her clients. Clare’s favourite part of estate agency and lettings is helping customers achieve their goals and making the process as smooth as possible for them.