Autumn Market Update.
We are currently experiencing the busiest market I have seen in my 37 year career as an estate agent.
The year started off incredibly fast as the pent-up demand from buyers and sellers, who held back to wait and see what was going to happen surrounding Brexit, was released into the market.
This was followed by the lockdown on 23rd March, following which it seems almost half the country re-evaluated where they were living. During the lockdown people saw the benefits of gardens, outside space and working from home. Multi generations also wanted to be closer to family and on the 13th May, which was the day our industry was effectively allowed to re-open, the flood gates also opened.
People are now moving all over the country and trying to take advantage of the Chancellor’s stamp duty holiday which ends on 31st March 2021. The average time to sell a house here in York is now 27 days and with the pent up demand we are seeing a shortage of supply, particularly around 3 bedroom semis. In addition to the sales market there is an incredibly strong rental market with most rents being agreed within two weeks.
I suspect though you will need to ‘make hay whilst the sun shines’ as there are all sorts of uncertainties on the horizon including Covid spikes, a no deal Brexit, end of the stamp duty holiday and difficult economic data to deal with in the coming months.
There is no doubt Covid has made all of us re-assess our lives and change the way we live moving forward.
If you need further advice, please do give us a call.