Online property portal Rightmove has announced that January 2021 was the busiest start to a new year they have ever seen.
The organisation said that the number of potential buyers contacting estate agents about properties was up 11 per cent on the same period in 2020 and rental enquiries were up 22 per cent.
Visits to the Rightmove site were up 30 per cent. Despite the country heading back into lockdown, over six million visits to the site were recorded on two consecutive days early in the month, with a total of 211 million visits for the month overall.
The time spent on the site during the month was over 1.6 billion minutes, up 44 per cent compared with January 2020.
The market is still active as buyers look to take advantage of the Stamp Duty holiday. Rightmove’s Director of Property Data Tim Bannister said: ”January is usually one of our busiest months of the year as people start to make new year plans to move, as was the case at the start of last year when we also had the post-election bounce that gave hope of an active spring market, before that all changed with the temporary closure from March until May.
“We didn’t know how this year would start with so much change and uncertainty around restrictions, but it’s been reassuring for those people hoping or needing to move that the demand we’ve seen so far is the highest we’ve ever had in January.
“The housing market has been allowed to stay open during these latest lockdowns and agents have already spent months working in a Covid-secure way and creating a number of property videos, so buyers and renters starting out on their search this year will find that, alongside the safe viewing protocols, more agents are offering virtual viewings to help buyers and renters better shortlist the properties they want to go and see.”
Seller’s market
With plenty of buyers around who are keen to make a move now to take advantage of the Stamp Duty holiday, sellers are finding they can hold out for a good price, effectively sharing in the tax break.
Rightmove has reported that the number of new properties coming onto the market is not satisfying the increased demand from buyers.
The portal reports 21 per cent fewer properties for sale compared to the same time last year, although that was a particularly strong month.
Rental demand is similarly unbalanced, with 14 per cent more renters, while new listings are down 14 per cent.
Moving in 2021
With the Stamp Duty holiday set to continue until the end of June, and then at a reduced rate until the end of September, there is still time for buyers to make a move.
Rightmove data shows that the conveyancing process has been going more slowly than usual however, due in part to delays with local authorities and mortgage lenders as they adjusted to lockdown working.
Buyers looking to take advantage of the full Stamp Duty holiday are therefore advised to find a property as soon as possible to stand a chance of completing in time.
If you are thinking of buying or selling a property and you would like to speak to one of our expert lawyers, ring us on 0333 305 5189 or email us at info@lpropertylawyers.co.uk
