Housing market trends: Boom continues with £37 billion summer sales

For Sale and Sold signs outside houses in north London. House-hunter demand jumped 88% across England as the market reopened earlier this month according to Zoopla

Rightmove Boom: All-time high for sales agreed in a month

Based on data collected between 12 July and 8 August, average asking prices were up 4.3% on an annual basis to £319,497 and down 0.2% on the month.

However, asking prices did reach new record highs in August in seven nations and regions - Scotland, Wales, Yorkshire and the Humber, North West England, the East Midlands, the East of England, and the West Midlands.

In what Rightmove is describing as the "rulebook being rewritten", the mini boom the housing industry is now going through is accelerating rather than decreasing.

The housing market has seen a change of trends during the summer of 2020 with unexpected rise in activities from buyers and sellers.

On Monday (August 17) property website Rightmove, which says it is used by 90% of British estate agents, reported the highest number of home sales since it began tracking data more than 10 years ago. Against this, the national asking price trend has pulled down the prices for properties located in London that recorded an average slip of almost 2 per cent month-on-month. "The just lately announced stamp duty getaway is another sector accelerator much too, with many buyers and consumers exploiting the price savings that are to be built".

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It was London that pulled the nationwide asking price tag down, with average prices falling by all over 2%.

"Rather than just a release of pent-up demand due to the suspension of the housing market during lockdown, there's an added layer of demand due to people's changed housing priorities after the experience of lockdown", Rightmove director Miles Shipside said.

Nonetheless, the mini boom in the housing market might not be a long term one, as the economy is now in a recession and unemployment rate is expected to increase.

Shipside concluded: "Not only are we seeing an unusually busy summer period, but also parts of the lending and legal sectors are having to cope with capacity constraints, as some staff will still be on furlough while many will still be working from home".

In July previous year, £25 billion-worth of sales were agreed.

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"London has 69% more properties coming to market, with the South East at 60% and the East at 56%". Estate Agents in Solihull in the West Midlands, said that "buyers will be doing all that is in their power to push sales through before the end of the stamp duty holiday". Many buyers do appear to be satisfying their new needs in these regions, as the number of sales agreed in each is also at a record level.

Post lockdown period has seen an increased demand for homes with spacious living spaces and garden areas. Given the capacity restraints due to the furlough scheme and several people still working from home, some lenders have limited their range of products as it would be hard for them to process the mortgage applications.

Dominic Murphy, Managing Director of DM & Co.

In such a scenario, Rightmove suggested that buyers would require having additional patience and plan in advance to meet the stamp duty deadline of 31 March 2021.

Rightmove also said market momentum is still building.

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