According to Rightmove’s House Price Index, whilst the average price of a property reduced by 0.5 per cent (£322,025), sales are up by 50 per cent compared to last year, with over 650,000 sales currently going through the conveyancing process.
Over the past year, estate agents in Retford have noticed the average house price increase to 195,188, up 9 per cent on 2019’s house prices.
The slight reduction in house prices nationally is in part a result of the lockdown announcement itself, which did not make it clear whether estate agents whether could remain open during November, a critical month to complete sales before March.
Despite this, buyer demand was still up by 28 per cent compared to last year even in the three days between the announcement and the second lockdown and bounced back up to being 49 per cent up in the six days following the implementation of lockdown.
The other reason, however, is about beating the clock to complete sales before the stamp duty holiday concludes in March 2021. Some sellers are setting their initial pricing at a more realistic level to ensure a quick agreed sale, to ensure that the conveyancing process has time to complete.
This also explains the regional behaviour of buyers and sellers, with demand being at its strongest in the regions and at the price bands that would save the most from a stamp duty holiday.