After a bumpy start for the property market this year, we are now bouncing back stronger than ever before! Since reopening our office in May, we have received a continuous stream of new instructions here at Coleman Estates, and this unexpected surge of activity has seen us achieve some of our best sales figures on company record and rocket ahead of our competition.
So what changes have we seen across the property market, and what does this mean for sellers and prospective buyers?
When lockdown restrictions first began to ease, there was an air of caution among buyers and sellers which led to a slow couple of weeks. But after a few tentative steps, the market gained some confidence and has since snowballed, each week being busier than the last.
With buyers keen to jump in and secure a new home, we have so far had £31 million of sales agreed—an incredible 107% increase on last year. Many of these properties also received multiple bids.
Competition among buyers also means that property values have increased dramatically, and there has never been a better time to sell with the average sale time being under three weeks in September. Since May, we have taken on more than £41 million worth of new instructions, which is a 47% increase on last year. The first week of September saw us agree 22 sales alone with a total value of £5 million and we continued at this pace ending the month on over 40 sales agreed which totalled to £12 million; 45% achieved asking price and above. September has been a record-breaking month for us, in fact, the best in the history of Coleman Estates!
After just two weeks, we found ourselves busier than we had been before lockdown due to pent-up demand. The stamp duty holiday was then introduced, and this helped spur things on even further. A form of tax typically payable when purchasing a property, stamp duty can make the process even more expensive.
Now that this tax has been waived until 31st March 2021, buyers are eager to take hold of this opportunity, putting their own properties up for sale and placing bids on their next new home. From what our sales team have seen, the stamp duty holiday has played a huge role in helping to revive the property market.
With both valuations and instructions showing no signs of slowing down, we expect the property market will keep on moving. Although the market will naturally slow down around Christmas, things will no doubt pick right back up again in January, with buyers looking to complete their purchases before the stamp duty holiday ends in March.
Given everything that has happened this year with lockdown and Covid-19, these results have been completely unexpected. Our team has continued to provide the outstanding service that makes us Telford’s leading estate agents, and we are delighted with what they and our clients have achieved in the face of adversity.
If you would like to learn more about the latest market trends or find out how we can help you achieve the maximum value of your property, feel free to contact our team today. There really has been no better time to sell, so why not make the most of the potential that this thriving market has to offer?
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