Property Market Review for October 2020

OCTOBER 2020 PROPERTY REVIEW…

 So just how has the property market performed throughout October…

With lock down number 2 underway and with the sad & unfortunate closure of lots of businesses throughout lots of industries, the doors of the property market have remained firmly open, we are working from the office albeit behind locked doors as has been the case since we returned back in June. Visits are by appointment only and we are working within the strict guidelines of the Governments Health & Safety Covid guidelines to ensure maximum saftey for our team, customers & contractors.

Since the closure of the property market earlier in March through to mid-May it’s been an incredibly fast paced 5 month for sure with the post lock down mini boom which until this week has shown no signs of slowing down.

In this report I look at the 3 key elements of the property market:

  • Property Instructions
  • Property Prices
  • Sales Agreed

Property Instructions

Both regionally & nationally reports show that demand is still outweighing supply.

Property Prices

In October property prices nationally, had risen 5.5% year on year – the biggest rate of increase in over 4 years.  Regionally for the North East when comparing to same period last year they are up 6.4%

Sales Agreed

Sales agreed were up nationally by 70% year on year and the time taking to sell has increased by 12 days faster than this time last year.

 In summary…

  • Given the property market closed between late march & mid may, 2% more sales have been agreed so far this year when compared to the same period last year.
  • However, demand is still outweighing supply so if you are considering selling then with increase of active buyers, stamp duty holiday until March 31st, low mortgage rates and lenders releasing more achievable mortgage deals now is as good a time as ever to make that move.

To listen to the full report click below…

 

October Property Review 2020 from Angela todd on Vimeo.

I hope this has been a useful insight as to how things have progressed this year and looking forward to reporting on November in due course.

Angela Todd

Director