Lockdown mini-boom sees the property market have its busiest month EVER, says Rightmove, with £37bn worth of home sales agreed
- Rightmove has had its highest monthly sales since it started keeping records
- It took in £12billion more this July than it did last year despite the pandemic
- The average asking price for a home was £768 lower than last year’s record
The property market has had its busiest month on record as the stamp duty holiday combined with a lockdown mini-boom to see £37billion of homes go under offer.
Rightmove said sales worth £37billion were agreed in between mid-July and 8 August – the highest monthly total since it started keeping records more than ten years ago. The figure for July last year was £25billion.
It said that while the average asking price in August slipped £768 to £319,497, this was less than the typical price dip at this time of year.
Asking prices rose over the month in ten out of the 12 regions covered, with the exceptions being the South East seeing a 0.2 per cent dip and London a 2 per cent fall.
Rightmove has seen its busiest month for sales in a decade, as buyers and sellers focused on property rather than holidays (file photo)
Only London clouded the picture with prices falling 2 per cent over the past month.
Rightmove reported that in the week to August 12 sales were up by 60 per cent against the same period in 2019.
Spokesman Miles Shipside said: ‘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, but buyers have had a record £37billion monthly spending spree.’
Sales worth £37billion were agreed in July – the highest monthly total since Rightmove started keeping records more than ten years ago (file photo)
He said the increase in activity was not solely due to the temporary stamp duty holiday introduced for England and Northern Ireland.
‘More property is coming to market than a year ago in all regions, and at a national level the new supply and heightened demand seem relatively balanced,’ he said.
‘However, those expressing most desire to move on are unsurprisingly in London and its commuter belt.’