Homes flew off the books in January says Andrews Property Group

Of the properties that came onto the market in January, 40% went under offer within 31 days, according to data from Andrews Property Group’s offices across southern England.

These figures were higher than at any time since before the pandemic, buyers rushed to beat the expected stamp duty deadline, which was extended in the March Budget.

Less than a quarter of the new properties listed in December, went under offer within a month and across 2020 as a whole, 27% of listings sold within this timeframe.

These figures also show that instructions were down 5.6% in February compared to January, but viewings went up by 6%.

“In January, buyers were keen to progress transactions with the stamp duty deadline a couple of months away focusing minds.

“By February buyers knew it was touch-and-go they would complete in time, and we saw a pull back with buyers choosing to wait and see what the Chancellor would announce in his March Budget.

“Some sellers will have been thinking that buyers would downgrade their offers to compensate for missing out on the stamp duty bonus, which is probably why they chose to delay listing.

“Since the chancellor announced the stamp duty holiday would be extended, market activity has been turbo-charged.

“Buyers and sellers alike are highly motivated to make hay while the sun shines.

“Properties are flying out the door and we fully expect the market to be buoyant all the way through to the end of June, when the £500,000 tax break is reduced to £250,000.” said Group chief executive David Westgate.