Call for your free quote 0800 955 0058

Record high house sales as moving home replaces summer holidays

The number of house sales have reached a record for the last ten years as summer holidays are replaced by moving home.

House sales agreed have reached a record high for the past ten years and 20% up on the previous high according to Rightmove as home movers replace summer holidays.

The value of property sales agreed has increased by 60% over the same week in 2019 and the total value of transactions is a record £37 billion.

No all regions are growing as there are falls in asking prices for London down -2.0% with average property values of £629,261 and the South East lower by -0.2% for the month and values of £417,987.

There could be opportunities for buy-to-let investors with a greater choice of lower priced properties to generate a better return on investment.

Regions with strong asking prices

Usually during summer asking prices fall as holidays distract home buyers but the Coronavirus pandemic has shifted priorities and record high seller asking prices have been recorded in seven regions.

Wales has seen the highest rise in asking prices up 2.9% for the month with average property values of £212,800 followed by the North East up 1.7%.

There is strong growth for Yorks & Humber, East Midlands and West Midlands with average asking prices higher by 1.4% followed by the north East and South West up 1.0% for the month.

The Rightmove table (excluding inner London) shows how average UK asking prices have changed from July to August 2020 for different types of buyers.
Sector July August
Change
First time buyers £199,340 £201,196 +0.9%
Second steppers £288,526 £290,520 +2.7%
Top of the ladder £571,005 £563,593 -1.3%
The rising asking prices makes it harder for first time buyers as they need a larger deposit to buy and many lenders have also withdrawn mortgages allowing 10% deposits or less.

For remortgage buyers higher prices offer them the possibility to release capital which they can use to improve their home. such as adding a loft conversion or extension.

Monthly sales at an all-time high

Sales agreed are 38% higher than the same period last year and 20% higher when compared to the previous record in March 2017.

Activity is strong across different buyer types with first time buyer sales up 29%, second steppers up 38% and for larger homes at the top of the ladder higher by 59%.

Across the country there are 44% more properties on the market compared to this time last year offering greater choice to buyers with the latest weekly sales agreed 60% higher than a year ago.

Moving home is strongest in London with the supply of properties higher by 69% followed by the South East up 60% and the East of England up 56%.

There are significant variations regionally as well with the out-of-city exodus driving asking prices to new highs in places like Devon and Cornwall.

For older homeowners wanting to exchange the city for a higher quality of life on the coast, the equity release buyer can use a lifetime mortgage to buy a more expensive home.

What are your next steps?

Speak to our LCM mortgage advisers if you are planning to move home, buying your first home, remortgaging your existing home to a new cost effective mortgage deal or are a buy-to-let investor.

Start with a free mortgage quote or call us and we can take your details. Learn more by using the mortgage cost calculators, equity release calculator and property value tracker chart.

For equity release buyers our London City Mortgage brokers can recommend lifetime mortgages allowing you to receive cash from your property to repay an interest only mortgage or pay for care at home.

 


Mortgage Best Buys

These are examples of mortgage products we can approach with many more offering interest rates and flexibility to meet your needs.

1.16% Fixed Rate
60% Loan to Value
£1,525 App Fee
Until 01/11/2022
Reverts to 4.09%
1.18% Fixed Rate
60% Loan to Value
£1,034 App Fee
Until 31/10/2022
Reverts to 3.59%
1.17% Fixed Rate
60% Loan to Value
£1,025 App Fee
Until 31/09/2022
Reverts to 3.59%
1.19% Fixed Rate
60% Loan to Value
£999 App Fee
2-Years Time
Reverts to 3.59%

The latest mortgage news


11 Sep 2020

London first time buyer costs almost double in a decade

Property prices for first time buyers in London rise by 98% over the decade and deposits are more than double the national average.

07 Sep 2020

Quarter of home buyers rely on Bank of Mum and Dad funding

Homebuyers are more reliant than ever on the bank of mum and dad funding nearly a quarter of all housing transactions.

28 Aug 2020

House sales strongest for five years and not losing momentum

Buyer demand is up a third this year and no signs of losing momentum with house sales 76% higher over the five year average.

17 Aug 2020

Record high house sales as moving home replaces summer holidays

The number of house sales have reached a record for the last ten years as summer holidays are replaced by moving home.

Call for your free quote 0800 955 0058

  • IMPORTANT

    Equity Release may involve a Lifetime Mortgage or a Home Reversion Scheme. To understand the features and risks, please ask for a personalised illustration. Equity Release may affect your entitlement to means tested state benefits and will impact on the size of your estate. For Equity Release London City Mortgages charge a fixed fee upon completion of £695. For Mortgages a fixed fee is charged on application. Typically this is from £295 up to £495 for the services selected.

  • WARNING

    Equity Release - Equity Released from your home will be secured against it. Mortgages – Your home may be repossessed if you do not keep up repayments on your mortgage or other loans secured against it. Think carefully before securing other debts against your home. The information contained in this website is subject to the UK regulatory regime and is therefore intended for consumers based in the UK.

    CONTACT

    Address:
    9th Floor, 30 Crown Place
    London, EC2A 4EB

    Phone:
    0800 955 0058

    Email:
    info@londoncitymortgages.co.uk

    London City Mortgages Limited is a registered company in England & Wales under company number 09278987. London City Mortgages Limited is an Appointed Representative (FCA no. 655965) of Blackstone Moregate Limited (FCA no. 459051) which is authorised and regulated by the Financial Conduct Authority. LCM and LCM Equity Release are trading names of London City Mortgages Limited.

    2020 © London City Mortgages.
    Website designed & developed by Spyre Media