Buyers and sellers have been rewriting the housing market rulebook this summer as more people are moving home than ever before.
July is typically a quieter time of year as people go away on their summer holidays, but last month was extraordinarily busy for home-movers across the UK.
In fact, the figures say we have seen a massive £37 billion worth of property sales agreed in July – the busiest month for home buying since we started tracking this data over ten years ago.
The latest weekly sales agreed figure is also up by 60% compared to the same week in 2019 as buyers continue to press ahead with their home-moving plans.
123 estateAgent have also been achieving all-time highs for new sellers. However, these unprecedented levels of buyer activity may lead to processing delays and mean that you’ll need to be patient to get to completion.
What are the headline figures?
Highest number of sales agreed in a month for more than ten years, and with a record total value of over £37 billion
Sales agreed for July are up by 38% on 2019, and a massive 20% higher than the previous record set in March 2017
Latest weekly sales agreed figure up by 60% compared to the same week in 2019
Highest number of properties coming to market in a month since March 2008, and there are 44% more properties coming to market compared to the same period a year ago, though there are considerable regional variations
Unseasonal record high for new seller asking prices in seven regions, but London drags down the national average to a 0.2% fall due to its own more typical 2.0% seasonal monthly drop.
If you are interested in seeing what your property is worth book your valuation at 123estateAgent