13th April 2021
Market Comment – March 2021
What a month as homeowners scramble to get on the ladder! No one could have predicted the activity this month as across the group, 21% of properties were sold for more than the asking price, 15% attracted offers from 3 of more buyers and the number of potential purchasers was up a whopping 26% on the same month last year.
As people scrambled to complete their purchase before the end of the month to save up to £15,000 worth of stamp duty, Rishi Sunak our Chancellor of the Exchequer extended the stamp duty until the end of June.
New Homes also experienced a frenzy of activity, up 23-24% on the same month last year.
One of the issues we experience is the solicitors and mortgage brokers and even some of our systems and processes have been stretched to the limit.
Residential lettings were up, both with new lets, existing landlords re-signing tenancies and particularly new registrations for prospective renters up 12% on the same month last year.
Many times in the past I have talked about the appetite of the housing market, but March could be best described as highly over subscribed, with the amount of prospective buyers registering to the amount of properties coming to the market being dis-proportionate. So as we continue to increase our stock levels, our sales will increase in-turn.
It is difficult to imagine where we were 12 months ago, although our sentiment remains the same in that the health of our clients and staff remains at the very epicentre of our operations.
April has got off to a equally busy start with our acquisition of new premises, 2021 promises to be a milestone year for the Streets Ahead family.
I look forward to reporting back to you later this month.