Why are so many people moving this summer?

Buyers across the country are swapping sand and sun for bricks and mortar as demand for property continues to soar well into the summer.

We normally see the housing market slow down at this time of year as people go on their summer holidays.

However, following the temporary market pause in spring – which is usually the busiest season of the year – there’s been a huge amount of activity as people resume their plans and new home-movers enter the market.

Our data analysts have also noted an extra level of demand caused by the fact that lockdown has changed many people’s housing priorities, meaning lots of home-movers are relocating to the countryside.

And with many buyers wanting to take advantage of the stamp duty holiday, we’ve seen the highest number of properties coming to market in a month since March 2008.

This all means that there are more properties for buyers to buy and more buyers for sellers to sell to. In fact, July was the busiest month for UK home-movers for ten years.

However, total available stock is now down 8% compared to this time last year, so there is still more demand than there are properties available.

What do the experts say?

Our resident property expert Miles Shipside revealed that these are unique times for the UK housing market.

He said: “There have been many changes as a result of the unprecedented pandemic, and these include a rewriting of the previously predictable seasonal rulebook for housing market activity and prices.

“Home movers are both marketing and buying more property than we have recorded in any previous month for over ten years, helping push prices to their highest ever level in seven regions.

“Rather than just a release of existing pent up demand due to the suspension of the housing market during lockdown, there’s an added layer of additional demand due to people’s changed housing priorities after the experience of lockdown.

“This is also keeping up the momentum of the unexpected mini-boom, which is now going longer and faster. We associate this time of year with diving into the pool rather than the property market, and of sand and sun rather than bricks and mortar.

What’s happening where you live?

What advice do you have for home-movers?

Miles also explained that, for people wanting to make the most of the stamp duty holiday, the best thing to do is to plan well in advance to avoid missing the March deadline.

He said: “Not only are we seeing an unusually busy summer period, but also parts of the lending and legal sectors are having to cope with capacity constraints, as some staff will still be on furlough while many will still be working from home.

“Patience will be required, especially with some lenders limiting their product ranges due to capacity constraints in their ability to process mortgages. To minimise the risk of missing the 31st March stamp duty deadline it’s best to plan well ahead.

“This busy pace of the market looks set to continue in the short term, and although the market has proven resilient since reopening we still need to be mindful of the wider economic concerns as the year progresses.”

To read August’s House Price Index in full, click here.