An estimated 98,010 transaction completed in September marking a return to pre-covid levels. With a surge in buyer demand and newly agreed sales this summer, we expect to see an increase in transactions over the next few months.
Newly agreed sales in the three months to September were 53% higher than the same time last year. On average it takes 123 days from agreed sale to exchange, therefore current transactions will only represent a small proportion of the surge in newly agreed sales.
Increased demand has put pressure on solicitors, mortgage lenders and surveyors and therefore delays in exchange are inevitable, likely to be reflected in transaction figures.
With just over 22 weeks of the stamp duty holiday left, buyers should get a move on if they want to take advantage of stamp duty savings of up to £15,000. Source: Dataloft, HMRC, Conveyancing Association