Target Property Services NE

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28th May 2021

Market Snapshot – Sales & Outlook

Sales completions forecast to rise to 1.5 million

Buyer demand has been strong since the end of the first lockdown last year as households reassess how and where they are living. For some, the need for more space, especially if working from home is to be a more regular occurrence, has prompted a move.

Many older households are also re-evaluating their housing needs and moving for the first time in many years. First-time buyers are also becoming more active in the market, with better access to mortgage finance.

The stamp duty holiday introduced in July to March, and the subsequent extension to June and tapered extension to the end of September, has provided an added impetus for many to purchase a home. This demand for homes in the sales market led to a very busy start to the year with £149 billion of homes sold subject to contract in the first 15 weeks of the year.

Activity will remain elevated towards year end, albeit not as high as towards the end of last year. Even so, we expect total sales completions this year will be 1.52 million. This would make 2021 one of the most active sales markets since the global financial crisis, and as one of the top ten busiest years since 1959.

Projections show that the value of homes sold this year will be £461 billion, some 46% higher than last year, and 68% higher than in 2019. Since the market opened up last year, the ‘search for space’ has contributed a rise in the value of homes being sold. This additional activity has led to a rise in the total value of sales from £273 billion in 2019, to £316 billion in 2020 and a projected total of £461 billion in 2021.

In turn, the value of mortgage lending is also rising, hitting a record high of £11.3 billion in March, according to the Bank of England.

Thinking about moving? Think Target at: https://targetpropertyservices.co.uk/

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Testimonials

I would highly recommend Target Property Services NE. Joe has been fantastic support to getting my first home and very quick at responding to any questions or queries I've had about the property. Very friendly and very professional.

- Grace

We had to organise our house move at short notice and although there was quite a lot of work to be done before we could move into the property, Joe went above and beyond to ensure everything was sorted for our moving in date. He is always very patient and quick to answer any queries and resolve any issues that may arise. We cannot recommend his company highly enough - Elliot

- Elliot and Kana

I would like to thank Target Property following the sale of our house. It was a pleasure to work with this estate agent. Always very professional, quick to respond to queries and they kept us informed throughout the process. Our house sold within a day which was just amazing. Could not fault the service we received and would highly recommend to anyone. Many thanks.

- Simon and Vicky

Great local estate agent with a personal touch! Joe knows the local market, and has dealt with rentals and a sale for me. He is very responsive and pays attention to detail for landlords and tenants alike! Would highly recommend

- Rachael

We found our dream home that was ideal for our family, but the estate agent wouldn't accept our offer until we had our own property sold first. After trying a couple of other agents in the area who were quoting a week to 3 weeks to get to us due to high demand because of the Stamp Duty holiday, we got in touch with TPS. Within 48 hours our house had been valued, pictures taken and was listed online. We had our first couple of viewings within 72 hours, and had accepted an offer within 1 week! I truly believe we wouldn't have got our new house if it wasn't for the swift response of Joe at Target Property. They also managed to get us a competitive solicitor quote and kept us up to date with the process, saving us additional time and phone calls. Thank you!

- George and Maria