October 2020 Market Comment

To say we are busy at the moment would be an understatement. The unprecedented uplift in buyer demand over the past three months in our operating areas of North Kent certainly bucks any notion of pandemic paralysis. Considering the market was stagnant for most of 2019, the last quarter’s 8.5% increase in buyer demand is extraordinary and has contributed to the 5% annual uplift in house prices.

Our offices in Dartford and Crayford have just reported their busiest October results for over 13 years which demonstrates the current demand from homebuyers and this will continue because of the stamp duty savings on properties up to £500,000.This will result in continuing demand throughout the usual ‘quieter’ months of November and December because the stamp duty concession is due to expire in March next year.

A word of caution though, it has been widely reported in the national press that sales are now taking a lot longer to process because of the problems with the amount of people wishing to move and that solicitors, lenders, local authorities and surveyors are struggling to cope with the workload, so our advice is to plan ahead and put your property on the market now, do not wait until the New Year because you may miss out.

One headline that wasn’t widely reported in October is the government announced that they would like to help young people become “Generation Buy” instead of ‘Generation Rent’ by helping them onto the property ladder with just a 5% deposit. We would welcome any initiative that would help first time buyers as it is essential not only to power the property market from below, but it’s also good for society to make home ownership available to all.

If you’d like any advice as to how the current market could affect you, please don’t hesitate to contact us on 01322 228090 or a free overview, with a smile and no obligation.