Percentage sales at decade high
Analysis1 suggests that almost seven in ten UK properties for sale, found a buyer in the year to June 2021, the highest rate in a decade.
Regional differences Scotland led the way with 89% of homes finding a buyer, while Yorkshire & the Humber was the second most successful area at 77%. Property hotspots included Falkirk and Sheffield, where 94% and 83% of homes were sold respectively. In contrast, London’s figure of 48% was below the average rate of 53% recorded between 2012 and early 2020.
Recent analysis of conveyancing quotes from comparison site reallymoving suggests that buyer demand is beginning to slow from its March peak, with successive drops between April and May (13%) and May and June (18%). This is likely to ease pressure on prices as we move further into the second half of the year. Rob Houghton, CEO of reallymoving, commented, “With the influence of the Stamp Duty holiday now largely expired alongside early signs that buyer demand is returning to more normal levels, we can expect prices to follow suit and return to a more stable trajectory.”
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.