"We are confident this boom will continue through the new year but grow increasingly concerned about the impact of the stamp duty cliff edge on 31st March 2021."
Its figures show that there was an average of 403 house buyers registered per branch, compared to 320 on average throughout 2019 and the previous decade high of 379 in 2015. Looking back over the last decade, demand for housing is up by 55%, from 260 per branch in 2010.
Despite this, the number of properties available to buy hasn’t changed year-on-year, with an average of 39 available per branch consistently since 2018. The month of July saw the highest number of properties available this year, with an average of 43 available to buy per branch. Supply has dropped considerably over the last decade, from 63 on average per branch in 2010.
The average proportion of total sales made to first-time buyers decreased by two percentage points in 2020, from 27% in 2019 to 25%. This figure is consistent with both 2018’s average figure of 25% and the past decade’s average of 25% of total sales being made to first-time buyers.
The supply of rental accommodation was the highest on record in 2020, with 203 properties managed on average per branch throughout the year, compared to 2019’s figure of 199. This is the highest figure on record, with an annual high of 213 in October.
Mark Hayward, chief policy advisor at NAEA Propertymark, commented: “Both the sales and rental markets have remained remarkably resilient throughout this trying year, despite market closure between March and May. The prioritisation by the government of a functioning property market and subsequent implementation of the stamp duty holiday as well as measures taken to keep the rent flowing within the private rental sector, have allowed for record breaking levels of house sales and rental accommodation.
“We are confident this boom will continue through the new year but grow increasingly concerned about the impact of the stamp duty cliff edge on 31st March 2021. This cliff edge has already increased pressure on service providers within the industry, causing delays for buyers and sellers, and could cause thousands of sales to fall through at the final hurdle as buyers realise their sale will not be completed ahead of the deadline.”
