While August usually proves to be a quieter month for the UK property market, this has proven not to be the case this year, as buyer demand remains strong and Rightmove predicts an autumn surge in seller activity and prices. Despite the withdrawal of significant stamp duty savings, the market continues to experience high demand in the one and two-bedroom sectors, with two-bedroom properties alone seeing an increase of £1,328 (+0.6%).
“The UK property market continues to defy expectation, with houses continuing to sell faster than ever. We can see little sign of this abating and would go as far as predicting an Autumn bounce in prices if buyer demand continues as it is.” Toby Philips, Managing Director for Countrywide.
With the number of sales agreed in August already up 9% on previous years, buyer demand remains strong throughout the market and agents have seen a 56% increase in individual buyer enquiries on the previous year. Available stock from agents is still at a record low, and with buyer demand continuing to outstrip the supply, properties are selling at a record pace. The average timeframe for newly-listed properties to sell subject to contract is now at only 36 days – the lowest it has ever been, and an entire month faster than it was in February last year.
With the current level of demand in the UK property market, investors will need to take steps towards purchasing a property fast, and before the end of the stamp duty holiday in October if they want to benefit from the available savings, buy at the best possible price, and earn significant capital growth on their purchase before the end of the year.
For more information on how you can capitalise on the competitive property market, get in touch with our team of expert consultants today.