I thought we’d take a look at the month prior to the ending of the stamp duty holiday and the month so far since (September and October so far in fewer words).
September was still a strong month for the UK housing market. New Instructions levelled off to 4% lower than in September 2019. However around 25% more sales were agreed than in 2019.
Then if we look at the rental market, we see both new lets coming to the market and lets being agreed are both down on the past 2 years. It seems that a lot of usual renters are, and have been, looking at getting on to the housing market.
So then if we look at October. For the purpose of this, I’ve compared the 1st to 24th October in each year.
So what does this mean?
Well, firstly, there’s again been more sales agreed in 2021 compared to 2019 (the last “normal” market that we can compare with). However, as with September, there’s a drop in the number of new properties coming to the market for buyers.
Both new properties and let agreed properties in the rental market continue to be down compared to the past 2 years.
However, when we look at the 2 months side by side and work out an average daily value for each month, we see that there’s only a 3% drop in the number of sales being agreed throughout the UK, each day. This is compared to a 10% drop in the number of properties coming to the market each day.
So, although we’re seeing drops in activity, the drops are not huge. And overall, we’re still tracking higher than in 2019.
If you’d like to see the week on week figures, then you’re in luck as they’re just below: