Our statistical analysis of the market, including forensic research on buyer behavior, network visits, viewing, and new orders, all indicate that future activities may weaken.
Since the reopening of the housing market, it is clear that a large amount of repressed transaction activity has been established. Buyers are not chasing reduced inventory but pushing prices up. In today’s market, buyers’ demand increases not only but importantly, many new properties are being put on the market. After several long weeks of studying our four walls and thinking about where and how we really want to live, more people than ever have begun to try to bring homes to the market.
Indeed, many of our “free sellers” who have been sitting on their hands before may be waiting for the uncertainty of Brexit to pass. We expect that the healthy coordination of supply and demand will stabilize prices and prevent the market from overheating. This means that in England and Wales, buyers may have to face a four-week waiting list to get an investigation result. All of these will have a significant impact on buyers and sellers.
Indeed, full-time work is now more necessary for agents than ever before, and they only need to fuel the deal that has been reached to maintain sales progress. Until March 31, 2021, the current stamp duty holiday is undoubtedly driving the growth in demand for residential properties in England and Wales. Although support for the equivalent Scottish Land and Building Transaction Tax is limited to the lower end of the market, it has become more affordable to relocate houses in all price ranges in England and Wales. However, in essence, this tool to support the real estate market is time-limited, so it is interesting to see what happens after it exits the market.
Looking ahead, we can be encouraged by the fact that despite the dramatic increase in the number of international visitors to the real estate on our website in recent months, and record levels of interest in Germany, the Middle East, and Canada, sales growth still depends on British money. Of course, international buyers seem to have suppressed demand for British real estate, and they hope to see it in person after relaxing travel restrictions. Following these guidelines will mean that agents can continue to provide the best service to buyers and sellers, and there is no reason to deviate from the momentum we have seen in recent months. Savills’ research predicts that the medium-term gold market will be active, driven by buyers seeking homes and communities that provide shelter and space.
Considering the factors affecting the market-from the increase in supply to the transaction bottleneck formed as the end of the stamp duty holiday approaches-it is crucial that all those involved in this process are not overwhelmed by news headlines. In order to achieve a long-term operation of the housing sector so that people can move up and down the market freely, it is necessary to maintain a balance between supply and demand, which depends on the actual price determined.