Thousands of North East house buyers rushed to complete the purchase of their new home in September, as leading North East estate agents, Pattinson, reported a record month for completions.
Managing Director of Pattinson Estate Agents, Caroline Pattinson, says: “With the stamp duty holiday ending on 30th September, we saw an increase of 60% in sales in September, compared to the same month last year, and an 80% rise on the year before. Sales were also up 25% compared to August.”
There was speculation that the market would start to dip once the stamp duty holiday came to an end, with less incentive for people to invest in a new home. However, according to the property expert, that this isn’t the case: “The good news is that demand from buyers and tenants is still high! Last month we saw a 50% increase in viewings requests from tenants in comparison with last year and viewing requests from buyers were at the same level as last year when the market started to take off. So, we are confident that the market will remain buoyant in the weeks and months ahead.”
What remains to be seen now is whether there will be enough supply to meet demand.
Caroline says it’s very much a seller’s market at the moment. “The biggest issue is a shortage of properties coming on to the market,” continues Caroline. “Whilst the number of listings in September was similar to that in August, it was down in comparison to 2020. This is good news for those looking to sell their property, as a shortage of supply means lots of vendors are selling within days of hitting the market, and they are often receiving offers from multiple buyers, with ‘Best and Finals’ becoming more and more common.”