Property instructions and viewings were up in July following the stamp duty holiday, according to data published by property group Andrews.
Viewings saw a monthly increase of 29% in July, with physical viewings up 45% as buyers returned to the market. There were almost 6,000 viewings in July compared to just 20 in April, with a third of those viewings still being carried out virtually. Offers made and accepted by sellers were also up 12% in July. Instructions were up by more than a fifth (22%) from June, with valuations up by a third.
David Westgate, group chief executive at Andrews Property Group, said: “What a difference four months makes. In April viewings and instructions across the industry fell off a cliff as the country was gripped by coronavirus and the Government asked us to stay at home. But the rebound has been swift as lockdown eased and the Chancellor’s stamp duty announcement at the start of July gave the market a timely boost.
“Buyers and sellers alike have shown renewed vigour in the past six weeks. With a lengthy window of opportunity to purchase before the stamp holiday comes to an end, we expect buyer activity to remain buoyant over the coming months. And we saw an immediate uplift in valuations and instructions since stamp duty was frozen, with sellers keen to take advantage of motivated buyers and more confidence to list thanks to stable house prices.
“It won’t be all plain sailing from here, but the Government has shown how important it sees a healthy and stable property market for the general wellbeing of the overall economy. And house prices have proven to be extremely resilient in the past when faced by strong economic headwinds, which suggests the market is well placed to cope with some potentially heavy bumps in the road ahead.”
This post has originally been featured in Property Wire.