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HomeResidentialBuy-to-letPace of property sales jumps from brisk to breakneck.

Pace of property sales jumps from brisk to breakneck.

by LLP Editor
23rd Mar 21 11:19 am

The latest UK monthly property transactions data shows that the provisional seasonally adjusted estimate of UK residential transactions in February 2021 is 147,050, 48.5% higher than February 2020 and 23.0% higher than January 2021.

The provisional seasonally adjusted estimate of UK non-residential transactions in February 2021 is 10,630, 10.2% higher than February 2020 and 25.8% higher than January 2021.

Jonathan Hopper, CEO of the buying agents Garrington Property Finders, commented: “This was the moment the pace of property sales jumped from brisk to breakneck.

“As the clock ticked down on what was due to be the end on the Stamp Duty holiday, the number of completions went through the roof – surging a dizzying 23% on what had already been a busy January.

“Even though estate agents have remained open, and are able to conduct physical viewings during the current lockdown, much of the action this year has been going on virtually.

“Many of these completed transactions had been working their way through the sales process for months, and for now thousands of prospective buyers are registering their interest but awaiting the easing of lockdown restrictions before they start househunting in earnest.

“Clearly February’s extraordinary numbers are unlikely to be repeated. Almost 50% more homes were sold during the month compared to the same time last year, and the spike in completions was the result of a ‘sprint finish’ as countless buyers strained every sinew to hit the finishing tape before the Stamp Duty deadline.

“Now the Chancellor has moved the finish line back by several months, the pace is unlikely to stay quite as breathless. But the combination of a strong pipeline of would-be buyers, a gradual rolling back of lockdown and a growing sense of optimism should prove formidable.

“The sprint race may be over, but the market has plenty of spring left in its step.”

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