Sales Agreed Continue to Sky-Rocket in Property Market

Sales Agreed Continue to Sky-Rocket

According to property market analysts TwentyCi, the number of sales agreed topped 157,000  last month. Illustrating the phenomenal rates of activity in the market. The market simply cannot keep up with the unparalleled levels of demand due to the significant shortage of housing supply.

Additionally, the industry is struggling to cope with the flood of transactions levels. The number of transaction deals is running at 130% above the average capacity. According to the HMRC, the provisional estimate of transactions in March was 190,980. Transaction levels were a third higher than in February. Astonishingly, the number of transactions doubled in March 2021 in comparison to March 2020.

Chief Executive of SPF Private Clients, Mark Harris states transactions are a ‘surer sign’ of the health of the housing market than housing prices. “Transactions are always a surer sign of the health of the housing market than house prices and a surge in activity in March shows that people continue to hunt for more space while taking advantage of the stamp duty holiday and cheap mortgages.

“With a growing number of lenders offering high loan-to-value deals at 95 per cent, this appetite is only going to increase, pushing transaction numbers (and prices) higher still, particularly if supply continues to lag behind demand.”