9th July 2020
Chancellor Rishi Sunak has announced today that he will increase the Stamp duty threshold from £125,000 to £500,000 immediately until March 31st next year to re-invigorate the housing market and help the UK recover from the consequences of Covid-19.
Covid-19 has changed the way people work and live, we hope that people are weathering the storm, staying safe and adapting to the new ‘normal’ When David and I opened our Estate Agency business in Bramhope at the end of 2018, who would have thought a little over twelve months on when Covid-19 resulted in a lockdown, a ‘short term’ business pause, followed thankfully by just over a month of our office being open again, we are now working in the new ‘normal’ way too. I am using this morning (Trudy is back in the office for the first time which is great for us) to reflect on how things have changed in the Estate Agency world and how our business was thankfully future-proofed from the start to allow for a new normal way of working. People sell houses, enabled by the best technology and modern sales techniques was our mantra right from the start – this is serving us well in the following ways:-
23rd June 2020
A great opportunity to acquire a detached house offering an interesting split-level layout with just a few steps separating the living and sleeping areas plus a lower ground floor with a utility room, downstairs cloaks/WC, storage cellar and an internally accessed double garage with an electric up/over door ideal for those with shopping on a rainy day!
As an Estate Agent we were keen to read the House Price Index from Rightmove which gives the picture of house prices and activity over the past few weeks, this latest information was particularly key as Estate Agencies re-open for business after Covid-19. The average asking price of property coming to the market in England was up by an average of 1.9% (+£6,266) compared to March before the housing market was put on hold Over 175,000 missing sellers that couldn’t come to market from March 24th to May 12th have now sprung into action with a record number of owners asking for valuations and daily new listings are now up on Rightmove v last year. The number of sales agreed had recovered from a staggering 97% drop to a daily rate of just 3% down on a year ago. 40,000 new sales have been agreed since the market re-opened on May 13th releasing a flood of pent up demand and the number of people phoning and e-mailing estate agents has hit a new daily record - 40 % above the level seen in early March. The delayed spring market has led to a traffic boom on Rightmove with the portal recording its busiest ever days in May and June, with 955,000 hours collectively on June 6th. At David Phillip Estate Agents, the activity levels since the return from Lockdown has certainly followed the Rightmove statistics with 6 sales agreed stc.