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HOME BUYERS STORM THE MARKET INTHE HOPE OF MEETING STAMP DUTY DEADLINE.
Key findings:
The number of prospective buyers increased by 29 per cent from October and reached the highest recorded since August 2004.
The number of properties available increased marginally.
Sales to first-time buyers increased to the highest amount seen since July.
DEMAND FOR HOUSING
In November, the average number of prospective buyers registered per estate agent branch reached 580, a 29 per cent increase from 451 in October.
This is the highest number of prospective buyers registered since August 2004, when there were 582 buyers on estate agents' books and the highest number since records began for the month of November.
SALES AGREED
The average number of sales agreed per estate agent branch stood at 13 in November, a small increase from 12 in October. This is the highest figure recorded in the month of November since 2002, when the number also stood at 13.
Year on year, the average number of sales per branch has increased by 86 per cent, rising from seven in November2018 and 2019.
SALES TO FIRST TIME BUYERS
The number of sales made to first time buyers stood at 24 per cent in November, rising from 21 per cent in October.
Year on year, this is a fall of four percentage points from 28 per cent in November 2019.
SUPPLY OF AVAILABLE PROPERTIES
The number of properties available per member branch stood at 40 in November, rising marginally from 39 in October.
WHAT PROPERTIES SOLD FOR
In November, 10 per cent of properties sold for more than the original asking price.
This is an increase from October, when seven per cent of properties sold for more than the original asking price.
The majority (58 per cent) of properties sold for less than the original asking price in November.
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Perhaps it's because Homes Under the Hammer has become our guilty pleasure in lockdown, or that more of us are hoping to make a quick buck in hard times. Whatever the reason, the proportion of homes being flipped - sold twice within a year - is at its highest level for twelve years.
Flipping a home is a relatively speedy way to earn cash, perhaps by making improvements to a fixer upper, like the ones often featured on the BBC daytime show and putting it back on the market.
And the earnings aren't to be sniffed at. Hamptons International said that the average profit is £40,995. The estate agency said that so far this year2.5 per cent of homes sold in England and Wales have been flipped, which could equate to 23,000 transactions by the end of 2020.
It is the highest proportion of transactions being flipped since 2008 - the year of the financial crisis - when 3.3 per cent of properties were flipped. Burnley in Lancashire was named the flipping capital of England and Wales for the sixth year running. Hamptons estimated that nearly one in ten homes sold there are flipped.
The North East and North West see high proportions of homes flipped because of lower house prices, Hamptons added. Aneisha Beverage, the estate agency's head of research, said: 'Flippers play an important role in the housing market by improving housing stock and taking on projects other buyers often won't touch.'
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It's that time of year again when temperatures start to take a tumble. To make sure you stay safe and warm, have a look at our checklist below.
1 Check your boiler insurance. A new boiler can cost upwards of £3000 and some home insurance policies will include Home Emergency cover but others will require you to buy it as an add on. These usually provide cover for boiler breakdowns.
2 Get your boiler serviced annually. Some cover will include a free service each year, and most insurers will not pay out if the breakdown is due to 'wear and tear'.
3 Lag cold pipes - this should stop them freezing and avoids blockages.
4 Make sure your guttering is clear of debris. This prevents damp from getting into the walls which can cause damage.
5 Going away over the festive period? Selling an empty property? Set your heating to come on for an hour or so each day to stop the pipes freezing.
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Homes are spending more than eight months on the market on average before being sold amid Covid. They also need eighteen viewings before they sell.
1 per cent of vendors fear catching Covid while showing buyers around, the poll by Atomik Research and home buying service Spring found. In February 2019, Zoopla estimated homes took an average of 50 days to sell.
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UK house prices are 6.5per cent higher than a year ago - the sharpest rise for nearly six years the Nationwide has said.
The acceleration came as the housing market remained robust despite the economic effects of the pandemic, the lender added. House prices were 0.9 per cent higher in November than in October, with the average property valued at £229,721, the Nationwide said.
That is the fourth month in a row that house prices have set a new record. Prices have been climbing thanks to strong demand post lockdown coupled with the Chancellor's stamp duty holiday.
Why Sell Your Home With Fox Estate Agents?
- Fox Estate Agents have won multiple awards based on extremely high standards of Customer Service.
- Chris Fox FNAEA has over forty years experience and is backed by a highly experienced, dedicated team.
- You will have a personal Sales Progressor overseeing your transaction.
- Fox Estate Agents is an NAEA Propertymark member firm and are also members of The Property Ombudsman Scheme.
- Our Terms of Business are, No Sale, No Fee and we are here to assist you seven days a week.
Fox Estates, 94 Brent Lane, Dartford, DA1 1QX
Tel: 01322 479660 | Email: office@foxestateagents.com
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