The start of 2021 has seen a surge in property sales, according to Propertymark, the UK’s leading property industry body. The organisation has reported that January saw a significant increase in demand from buyers, with the number of sales up by 10% compared to the same period last year.
The news comes as welcome relief for the property industry, which has been hit hard by the pandemic. The UK housing market was one of the few sectors to remain open during the lockdown period, but the restrictions on viewings and the general uncertainty caused by the pandemic had a significant impact on sales.
However, it appears that buyers are now feeling more confident about the market and are taking advantage of the stamp duty holiday and other incentives to purchase a property. Propertymark’s figures show that the number of sales in January was up by 10% compared to the same period last year, with the average price of a property also increasing by 4%.
The news is also good for sellers, who have seen an increase in demand for their properties. The number of properties listed for sale in January was up by 6%, indicating that more people are now willing to put their homes on the market.
The increase in demand is also being driven by the low interest rates currently available on mortgages. Many lenders are offering competitive rates, making it easier for buyers to get on the property ladder.
Overall, it appears that the UK housing market is in a good position at the start of 2021, with buyers feeling more confident and taking advantage of the incentives available to them. Propertymark’s figures suggest that this trend is likely to continue throughout the year, with more people taking advantage of the stamp duty holiday and other incentives to purchase a property.