Market Comment – July 2020

July turned out to be an unprecedented month and no one in the industry could have foreseen the expediential spike in activity and indeed in confidence. It seems hardly possible that change in a three month window.

Sales enquiries were up in excess of 270% and lettings enquiries in excess of 210% and as I write this in early August, I can see that this month has every chance of being busier.

There are many factors that have contributed to this huge spike in activity and confidence – the stamp duty holiday until March 31st, the end of lockdown and help to buy goes from strength to strength. This all coupled together with record low lending rents is a recipe for the current confidence.

I am delighted to reflect on July and the record figures for our new homes division, in that we secured more new homes reservations in July 2020 then any month before. Across all of our operations, from Coulsdon to Crystal Palace, it’s been the same story – substantially more enquiries and more homes negotiated to a sale.

Turning to the lettings, we experienced a 20% increase in activity compared with July 2019 and I think this is as a result of no movement during the lockdown period and once again good confidence in the residential lettings market and I think this will continue for the foreseeable future.

So whilst I wish all of our clients a safe August and we are as a company strictly adhering to all government guidelines to ensure your safety, I hope you have a great month and I will back to you at the end of August with a fresh update on the local housing market.