Home sales stalemate eases with fewer properties changing hands

It is estimated that around 550,000 homes across Britain are being sold, according to a real estate website.

That’s less than the 700,000 homes that changed hands in June, when homebuyers rushed to get the maximum discounts available under the stamp duty holiday, which was reduced from July and completely ended from October.

Rightmove said that with fewer sales currently being processed, there are also signs that the “deadlock” is starting to ease, with the average time between an agreed sale and a finalized purchase dropping from an average of 154 days in July to 127 days. in October. The website also predicts that by the end of the year around 1.5 million homes will have been sold in Britain, the highest number of home sales since 2007.

The website also predicts that by the end of the year around 1.5 million homes will have been sold across Britain.

This would be the highest number of home sales since 2007, 47% more than in 2020 and 31% more than in 2019.

Tim Bannister, Director of Real Estate Data at Rightmove, said: “The good news is that people who are moving now are hopefully enjoying faster transfer times than they were at the start of the year.

“There will likely be a transfer of ownership rush in December among those people who are desperately hoping to be able to celebrate the holiday season in their new home.

“Since 2014, the number of home sales in a year has been fairly constant between 1.1 million and 1.2 million, but the effects of the pandemic have disturbed that level this year and we will probably end up with the highest number. in sales in one year since 2007.

“More people moved, more moved to bigger houses and many took advantage of the holidays.

“The demand is still remarkably strong for the time of year and sales are on the rise around this time in 2019, and it looks like there is a new group of people in the market.”

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