News & insights
Summer Boom Could Lift The North East Property Market
13th September 2020
Latimer Hinks Solicitors has seen an increase of 40 per cent in conveyancing instructions in July and August, thanks to the current boom in the property market.
Nationwide, more than £37billion worth of sales were agreed in July, making it the busiest month in the property market for a decade. This trend continued throughout August, leading to an increase in house prices across the country of 2.7 per cent. The North East saw the highest regional house price increase in England, at 1.7 per cent month on month.
Every region in the UK saw an increase in house prices, with the exception of London and the South East. Yorkshire and the Humber saw a record high in asking prices, at an average of £200,000.
The ‘property boom’ has been linked to the government’s recent decision to cut stamp duty in order to help more people get on the property ladder, and the hiatus in property sales from late March to mid-May caused by the lockdown.
In addition to the record number of sales agreed, July also saw the largest number of properties coming on to the market since March 2008.
The team at Latimer Hinks has seen a significant increase in instructions in the last month and believes this could have a positive impact on the local economy if it continues.
Martin Williamson, a director and head of residential property at Latimer Hinks Solicitors, said: “After an uncertain few months, the property market now appears to be flourishing both nationally and locally. July was a record-breaking month for both the volume of sales and the house prices in certain regions, which then continued into August, and this can only have a positive impact on the sector.
“Of course, we must acknowledge that part of this surge will be due to potential buyers being put on hold for two months during the lockdown and the sector needing time to catch up, however the summer traditionally sees a lull in sales, so to see the busiest month in a decade during the summer is huge achievement.
“From our perspective, we have seen a significant rise in the number of instructions during July and August, and clients are keen to complete quickly, which in turn is keeping the property market moving and stimulating the economy.
“The pace will, of course, slow down when stamp duty is reintroduced and sales from pre-lockdown are all completed, but this is a positive start and could really lift the market here in the North East and the surrounding areas.”