We’ve paid a lot of attention recently to the fact that demand for property has shot up since the pandemic caused a lockdown across the country back in March, putting into sharp focus people’s living arrangements and available space.
Indeed, most outlets were reporting back in May, when restrictions were lifted, that there was unprecedented demand. Many predicted that it was pent up demand from pre-pandemic arrangements that would fade, but it appears to have lasted well into the winter and probably into the new year.
To that point, there was a lot of focus paid across the industry on what this influx of new buyers and renters would do to prices, rents and whether the balance of power had firmly swung behind buyers.
It’s been a wild year, and we’re loath to re-use unprecedented, so let’s just say it’s been a year like no other. That being said, the entire property industry has really responded as one and that has meant that customers, buyers, landlords, tenants and others have been driving demand like never before.
With the market working in full force, it was perhaps only a matter of time before some parity returned, and with the current lockdown set to end in a few weeks time it’s likely that many are trying to complete business before the new year is ushered in.
Huge numbers of sellers
As reported in The Guardian, ‘About 650,000 homes in Great Britain are in process of being sold, the property website Rightmove has estimated, with the stamp duty holiday increasing activity in the most expensive regions.
The listing website said the number of sales agreed was up by 50% year on year in October across the board, and in the east of England the figure was up by 72%. Despite the second lockdown in England, and the two-week circuit-breaker lockdown in Wales, it reported that demand for properties had remained high.
As a result, it said it believed 650,000 properties were at some stage between being under offer and sold, a figure that is 67% higher than the same period last year.’
These are fairly astonishing figures considering the lockdown and restrictions placed across England during the same time, and it’s hard to remember a time with quite as much activity whilst people are off work and focusing on their living arrangements.
What does this mean for you then? Well if you’re looking at selling then now would be a good time to get the ball rolling whilst there’s such high demand from buyers and the tax implications are favourable too.
If you’re looking to invest in buy-to-let, then it may well help your situation to make your move whilst many are looking to sell. Get in touch with us here at yieldit today and we can talk you through your investment needs!
