Transactions return to pre-covid levels
In this short article we look at the property transaction numbers returning to pre-covid levels (please click or tap here)
- An estimated 98,010 transaction completed in September marking a return to pre-covid levels. With a surge in buyer demand and newly agreed sales this summer, we expect to see an increase in transactions over the next few months.
- Newly agreed sales in the three months to September were 53% higher than the same time last year. On average it takes 123 days from agreed sale to exchange, therefore current transactions will only represent a small proportion of the surge in newly agreed sales.
- Increased demand has put pressure on solicitors, mortgage lenders and surveyors and therefore delays in exchange are inevitable, likely to be reflected in transaction figures.
- With just over 22 weeks of the stamp duty holiday left, buyers should get a move on if they want to take advantage of stamp duty savings of up to £15,000. Source: HMRC, TwentyCi, Conveyancing Association