Fewer Properties Withdrawn From The Market

According to data released by BriefYourMarket.com – which analyses activity on Rightmove and Zoopla – fewer properites were withdrawn from the market last week.

The data set revealed:

  • 239 new properties came to the market, an increase on the previous week
  • Properties changing status to SSTC saw a comparative increase on the previous week, with 4,211 additional properties being updated as SSTC
  • 1,135 fewer properties were withdrawn, a decrease compared with the previous week
  • Fall-throughs saw a comparative increase on the previous week, with 1,889 additional properties changing status from SSTC back to For Sale.

Richard Combellack, Chief Commercial Officer of BriefYourMarket.com, commented on the period, 05.09.2020 – 11.09.2020:

“Once again, a very positive week for the UK property market. It still seems that all potential home movers have one pertinent question on their minds’ right now: Is this a good time to buy or sell a property?

“I am going to attempt to offer a more balanced account of recent market activity, as it is very easy for us all to get carried away the action that we are seeing taking place. On the face of it, everything remains extremely positive: SSTC has remained above 55,000 for the last five weeks, and new properties coming to market have remained above 70,000 for the last three weeks now.

“So, sales are up, new instructions are up, and agents, lenders, and portal statisticians are all reporting modest house price increases in most regions of the UK. So, the general mood from agents seems to be one of continued enthusiasm. However, it is important remember that agents are operating in very surreal circumstances.

“On one side, buyers and sellers see that it is a really good time to consider making a move.

“On the other, the economic outlook grows more and more ominous as we move towards the back end 2020 and into 2021, with Furlough, mortgage payment holidays and the stamp duty holiday all coming to end (baring a major government rethink).

“I think it is fair to say that there is an unease between the confidence of today and the unknown of what’s to come tomorrow.

“It is to be expected that there will be a slowdown in activity as we reach the back end of the year. Right now, I would be preparing for two things.

“First up would be an early 2021 resurgence in January, February and March as people look to beat the clock on the stamp duty holiday. Stay in contact with all applicants and nurture all recent valuations that have not progressed to instruction.

“Secondly, I think that Q2 of 2021 will be a definitive business quarter for many agents.

“As the fallout of several government incentives begins to settle, it’s going to be vitally important for agents to have one eye on how they are going to prospective efficiently in what will be an extremely competitive market.”

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